Malaysian court orders Najib Razak to pay $1.8 billion for SRC International scandal

Politics

Malaysian court orders Najib Razak to pay $1.8 billion for SRC International scandal

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CHANNELNEWSASIA

SCMP

Malaysian court orders Najib Razak to pay $1.8 billion for SRC International scandal

Credited from: SCMP

Najib Razak ordered to pay $1.8 billion to SRC International.
The court found him liable for breach of fiduciary duty and misuse of funds.
Najib Rahim is currently appealing the judgment after serving a prison sentence.

A Malaysian court has ordered former Prime Minister Najib Razak to pay 4.77 billion ringgit (approximately $1.8 billion) to SRC International, a government-owned entity, due to his breach of fiduciary duty and misappropriation of funds. The High Court ruled Najib orchestrated the misappropriation, causing $1.18 billion in losses along with an additional $120 million in damages, as stated by the court judge, Ahmad Fairuz Zainol Abidin, and reported by aa, Channel News Asia, and SCMP.

The judgment is suspended for 14 days to allow Najib to file an appeal against the decision. In previous cases, Najib has already received a 15-year prison sentence for abusing his power, alongside facing multiple charges related to the state fund 1Malaysia Development Berhad (1MDB), where approximately $4.5 billion was allegedly embezzled, according to aa and Channel News Asia.

The court highlighted Najib's extensive control over SRC International's operations, stating he misused his position both as Prime Minister and Finance Minister to facilitate systematic misappropriation of company funds for personal gain. Following the ruling, Najib announced intentions to appeal, as confirmed by his lawyer Muhammad Shafee Abdullah, reported by SCMP and Channel News Asia.