KUALA LUMPUR (May 13): The High Court has allowed Datuk Seri Najib Razak's bid to stay the payment of over US$1 billion (RM3.9 billion) to SRC International Sdn Bhd, pending the disposal of his appeal.
The judgement sum is from trial judge Datuk Ahmad Fairuz Zainol Abidin’s decision in late March, where the imprisoned former prime minister was found liable for US$1.18 billion of losses suffered by SRC, as well as a separate US$120 million of company funds which ended up in his private bank account.
In granting Najib's stay, Ahmad Fairuz, who is now an appellate court judge, said that there were special circumstances in this case which warranted a stay, namely the substantial sum against a single person, the precedent of a stay granted in Najib's tax case involving RM 1.69 billion, and fines imposed on him in his criminal cases.
"The factors relevant for consideration are the unprecedented magnitude of the monetary judgment entered against the defendant, the concurrence of equally unprecedented monetary judgment against the defendant in the Inland Revenue Board (IRB) suit, and the criminal liabilities which attract monetary penalties.
"These simultaneous judgments and orders faced by the defendant, when taken together, make up special circumstances on why a stay is to be granted. It is best that the case be finally determined at the highest level before any enforcement is allowed," the judge said.
The court also awarded cost of RM2 million to the plaintiff (SRC) and RM150,000 to each third party brought in by Najib in this case.
The third parties were former directors Tan Sri Ismee Ismail, Datuk Suboh Md Yassin, Datuk Mohammed Azhar Osman Khairuddin, Datok Shahrol Azral Ibrahim Halmi, and Datuk Che Abdullah @ Rashidi Che Omar.
In awarding the cost, Ahmad Fairuz said the nature of SRC's claim "demanded considerable preparation", which involved the tracing of funds and precise money-trail exercise.
Earlier on May 7, parties had submitted on the issue of cost and stay.