Najib to testify against SRC's US$1.18b lawsuit

Former prime minister Najib Abdul Razak is set to take the witness stand to counter SRC International Sdn Bhd’s US$1.18 billion (RM5.5 billion) lawsuit against him.

Najib's lead counsel Muhammad Shafee Abdullah revealed this during a separate civil court hearing of the Malaysian Bar's judicial review leave application targeting the Pardons Board advice for the reduction of Najib’s sentence.

The Kuala Lumpur High Court today was trying to set a date for a continued hearing of the Bar's legal action, when Shafee mentioned Najib intending to take the witness stand in SRC's civil suit.

"Najib is testifying in the SRC lawsuit," the lawyer said.

The Kuala Lumpur High Court is set to resume a full hearing of the SRC lawsuit on July 29.

Under its new management, the Minister of Finance Incorporated (MOF Inc) company filed the lawsuit in May 2021, alleging that Najib, as adviser emeritus of the plaintiff, had committed a breach of trust and abuse of power, and personally benefited from the company’s funds, as well as misappropriated billions of ringgit.

SRC is seeking a court declaration that the defendant is responsible for its losses due to a purported breach of duties and trust, and for Najib to repay RM42 million.

The plaintiff also wants a court order for Najib to be made accountable for the former’s US$1.18 billion loss and repay US$120 million of funds that allegedly flowed into the former finance minister’s bank account.

The civil action against Najib is linked to the alleged misappropriation of part of RM4 billion - RM3.6 billion or US$1.18 billion in foreign exchange rates between 2011 and 2012 - in loans that the company received from Kwap between 2011 and 2012.

Kwap is a statutory body under the Finance Ministry.

Najib's lawyers set to cross-examine ex-SRC chairperson

SRC board never invited Najib for advice, court hears

'Certain protocols' prevented SRC board from meeting Najib, court hears

Ex-SRC director: Najib referred to as 'boss', 'pihak atas'