Bernama reported that the company’s counsel, Lim Chee Wee, confirmed the date was set by deputy registrar Syafiq Mustaza during online proceedings today.
He said the proceedings next month will also be conducted online.
On Tuesday, the High Court ruled that the former prime minister is liable for SRC International’s losses after finding he had breached his fiduciary duties, abused his position and misappropriated the company’s funds for personal gain.
Justice Ahmad Fairuz Zainol Abidin held Najib liable for US$1.18 billion in losses suffered by the company and an additional US$120 million in quantified damages after ruling he had orchestrated the misappropriation of funds into his personal bank account, bringing the total to US$1.3 billion.
The court, however, did not fix costs and suspended the judgment for 14 days to allow Najib to file a formal application for a stay of execution pending an appeal.
In his broad grounds of judgment, Fairuz held that Najib was a shadow director of the company, exercising extensive control over SRC International’s affairs and directing key decisions on loans, fund transfers and investments without proper oversight or due diligence.
The judge also held that Najib deliberately circumvented safeguards, including statutory and institutional controls, to expedite the disbursement of funds to offshore entities.
Fairuz added that Najib had engaged in systematic concealment, withholding material information from the Cabinet and other oversight bodies, including the receipt of US$120 million into his personal account.
The judge said Najib’s failure to supervise the utilisation of a RM4 billion loan from the Retirement Fund Inc, recover misappropriated monies or initiate investigations reinforced the finding of bad faith.
SRC initiated the suit in May 2021, alleging that Najib had breached his fiduciary duties, abused his power and misappropriated company funds for personal gain.
Among other reliefs, the company sought a declaration of Najib’s liability and compensation for US$1.18 billion in losses sustained from his alleged breach of fiduciary duties and trust, as well as quantified damages of US$120 million.