KUALA LUMPUR (March 22): The High Court has allowed SRC International Sdn Bhd and its subsidiary Gandingan Mentari Sdn Bhd's application for an inter-partes Mareva injunction to be imposed on Datuk Seri Najib Razak or his agent from transferring or dissipating his assets amounting to RM42 million.
The order was granted on Thursday (March 24) by Judicial Commissioner Datuk Mohd Arief Emran Arifin. The parties were suddenly called and informed that he would deliver his decision.
Initially, Mohd Arief Emran had fixed April 27 to deliver the decision after having heard the Mareva injunction application with both parties present on Tuesday.
The court directed that Najib, who is also Pekan member of Parliament, must not remove, dispose of, deal with or diminish the value of any of his assets in and outside of Malaysia, of up to RM42 million, pending the final determination of the suit.
Besides this, the court directed that the former premier must disclose to the plaintiff's solicitors in writing his assets, in or outside of Malaysia, up to the value of RM42 million within 30 days after the order has been served on Najib.
Thirdly, the former Umno president is entitled to draw up to RM100,000 a month for his ordinary living and legal expenses, and the amount is inclusive to the ad interim Mareva injunction that was granted last month to 1Malaysia Development Bhd (1MDB).
Mohd Arief Emran also fixed the next case management on May 13.
SRC and Gandingan Mentari were represented by M Nagarajah, Syafinaz Vani, Clament Tay, Lisa Yong from Messrs Rosli Dahlan Saravana Partnership, while Muhammad Farhan Shafee and Thilagan Mehanathan from Messrs Shafee & Co appeared for Najib.
The plaintiffs filed the application for the Mareva injunction on Feb 9, a day after SRC's former parent company 1MDB had obtained a worldwide ex-parte Mareva injunction to bar Najib from transferring or causing the dissipation of US$681 million of his assets.
Najib was reported to have applied to set aside the 1MDB Mareva injunction, the hearing of which was fixed on May 6.
Both companies filed the suit against Najib in May last year for breach of fiduciary duties, knowing receipt of the funds, dishonest assistance, tort of misfeasance and abuse of power.
On March 22, SRC and Gandingan Mentari's lawyers argued that Najib's conviction by the High Court on July 28, 2020, and the Court of Appeal upholding the conviction with regards to the RM4 billion KWAP loan and three counts each of criminal breach of trust and money laundering involving RM42 million are grounds for the court to grant the Mareva injunction.
Najib had been sentenced to 12 years in jail and a RM210 million fine, which was also upheld by the Court of Appeal, and is awaiting his final appeal before the Federal Court.