THE High Court in Kuala Lumpur has fixed May 7 to hear former prime minister Datuk Seri Najib Razak’s application for a stay of execution on a US$1.3 billion (approximately RM5.24 billion) payment awarded to SRC International Sdn Bhd, following a landmark ruling against him earlier this week.
The same date has also been scheduled for submissions on legal costs arising from SRC’s civil suit, which found Najib liable for breach of fiduciary duty and misfeasance in public office.
SRC’s counsel Kwan Will Sen said the hearing date was set by deputy registrar Mohd Syafiq Mustaza during an e-review proceeding on Friday.
On Tuesday, the High Court ruled in favour of SRC in its US$1.3 billion claim linked to a RM4 billion loan extended by the Retirement Fund Incorporated (KWAP) to the company.
Justice Ahmad Fairuz Zainol Abidin, now a Court of Appeal judge, held then that Najib must account for and repay US$1.18 billion in lost investment funds, along with an additional US$120 million in compensation for fraudulent breach of fiduciary duties.
The court found that Najib had breached his trust, abused his authority, misappropriated company funds and personally benefited from the actions in question.
The lawsuit initially named several former SRC directors alongside Najib, including Datuk Suboh Md Yassin, Mohammed Azhar Osman Khairuddin, Nik Faisal Ariff Kamil, Datuk Che Abdullah @ Rashidi Che Omar, Datuk Shahrol Azral Ibrahim Halmi and Tan Sri Ismee Ismail.
However, the company later removed six individuals from the suit, retaining Najib and Nik Faisal as defendants.
Najib subsequently brought the previously named directors into the proceedings as third-party respondents, but the court dismissed all such claims, with costs to be determined at a later stage.
Pending the full hearing of his application, the court has granted an interim stay of execution on the payment order. Najib is also expected to file an appeal against the High Court’s decision.
The case marks a significant development in ongoing legal proceedings tied to SRC International and the broader scrutiny of governance and accountability in Malaysia’s public institutions. - April 3, 2026
