Jho Low exploited SRC without Najib’s involvement, court told

FUGITIVE businessman Low Taek Jho, better known as Jho Low, had his own agenda to exploit SRC International Sdn Bhd and did not require the involvement of Datuk Seri Najib Razak, the High Court heard on Monday.

Counsel for Najib, Muhammad Farhan Muhammad Shafee, argued that Jho Low had already placed trusted individuals, including former SRC CEO Nik Faisal Ariff Kamil, within the strategic investment firm to execute his plans for personal gain.

“They did not need Datuk Seri Najib’s involvement. In fact, Najib might have impeded their plans had he known of their intentions,” said Muhammad Farhan. “He would have insisted on transparency – as later evidenced by his support for investigations once the matter came to light.”

He added that the absence of any direct evidence linking Najib to wrongdoing indicated that if a conspiracy had taken place, it was between Jho Low and Nik Faisal, assisted by other SRC directors, without Najib’s knowledge.

From a legal standpoint, Farhan said, an individual can only be held liable for conspiracy if they are party to the agreement – not merely by virtue of holding a senior position.

“We urge the court not to allow the large-scale fraud committed by others to be used as grounds to impose scapegoat liability on Datuk Seri Najib without any substantive evidence,” he said.

Farhan was making oral submissions in the US$1.18 billion civil suit filed by SRC International on 7 May 2021 against Najib and Nik Faisal, who remains at large. The company is seeking restitution for alleged breach of fiduciary duty, abuse of power, and misappropriation of funds.

Other named third-party respondents in the suit include former SRC directors Datuk Suboh Md Yassin, Tan Sri Ismee Ismail, Datuk Mohamed Azhar Osman Khairuddin, Datuk Shahrol Azral Ibrahim Halmi, and Datuk Che Abdullah @ Rashidi Che Omar.

SRC claims both defendants were complicit in criminal breach of trust and that Najib personally benefited from SRC funds, while also seeking declarations of liability for losses, and orders for the return of RM42 million allegedly misappropriated. The firm is also demanding general, exemplary and aggravated damages, interest, costs, and any other relief deemed appropriate by the court.

Farhan further argued that the notion of Najib conspiring to sabotage SRC was illogical, as he was instrumental in the company’s founding and had every interest in ensuring its success.

“Between 2011 and 2012, SRC International was being touted as a strategic enterprise,” he said. “As a public figure, Najib had every reason to see it flourish, not fail. There is no reasonable motive for him to destroy his own project and later be answerable for the loss of billions.”

He also refuted claims of personal gain. “The alleged US\$20 million is the only supposed benefit to Najib, but we have shown this cannot be proven, and in any case, was not retained by the defendant. Thus, no malicious intent can be established.”

“His actions were consistent with someone supporting SRC’s development – urging government backing and promoting investment – not someone orchestrating its downfall,” he said. - August 25, 2025