Malaysia court orders ex-PM Najib to pay US$1.3 billion to 1MDB unit
A Malaysian court on Tuesday ordered jailed former prime minister Najib Razak to pay US$1.3 billion to a former unit of scandal-tainted state fund 1MDB, state media reported. The Kuala Lumpur High Court ruled that Najib was liable for losses incurred by SRC International, a former subsidiary of sovereign wealth fund 1Malaysia Development Berhad, state news agency Bernama reported. High Court judge Ahmad Fairuz Zainol Abidin ruled that Najib breached his fiduciary duties, abused his position...
A Malaysian court on Tuesday ordered jailed former prime minister Najib Razak to pay US$1.3 billion to a former unit of scandal-tainted state fund 1MDB, state media reported.
The Kuala Lumpur High Court ruled that Najib was liable for losses incurred by SRC International, a former subsidiary of sovereign wealth fund 1Malaysia Development Berhad, state news agency Bernama reported.
High Court judge Ahmad Fairuz Zainol Abidin ruled that Najib breached his fiduciary duties, abused his position as prime minister, and misappropriated SRC funds for personal gain, Bernama reported.
SRC’s lawyer, Lim Chee Wee, confirmed the Bernama report to Reuters but declined further comment on the ruling.
Najib would appeal the ruling, his lawyer Muhammad Shafee Abdullah said, according to Bernama. Muhammad Shafee did not immediately respond to Reuters’ request for comment.
Former Malaysian prime minister Najib found guilty in final 1MDB criminal case
Former Malaysian prime minister Najib found guilty in final 1MDB criminal case
Najib has been in prison since August 2022 after being found guilty of corruption and money laundering over funds misappropriated from SRC in a separate case. He was also fined 50 million ringgit (US$12.4 million) as part of that sentence.
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