KUALA LUMPUR: The High Court has ruled that former prime minister Najib Razak is liable for losses amounting to US$1.18 billion suffered by SRC International Sdn Bhd, arising from his breach of fiduciary duties.
Justice Ahmad Fairuz Zainol Abidin ordered Najib to pay the company a total of US$1.3 billion for abusing his position and acting in bad faith by orchestrating the misappropriation of US$120 million into his personal bank account.
The US$1.3 billion award comprises US$1.18 billion in losses and US$120 million in quantified damages. Costs will be determined at a later date.
The court granted an interim stay while Najib files a formal application for a stay of execution pending an appeal within 14 days.
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