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WEDNESDAY, September 28, 2022
nationthailand
I have only RM 4.5 million in assets: Former Malaysia PM Najib

I have only RM 4.5 million in assets: Former Malaysia PM Najib

WEDNESDAY, August 03, 2022

Najib Razak only has assets worth RM4.49mil, he has declared to the High Court after SRC International and its subsidiary Gandingan Mentari obtained a Mareva injunction on March 24 to prevent the Pekan MP from transferring or dissipating any of his assets amounting to RM42mil.

The disclosure was made in an additional affidavit filed in the court as part of the Mareva injunction.

Based on the affidavit, which was sighted by The Star, Najib’s assets stand at RM4,490,774 as of June 30.

His largest asset was RM2,528,849 deposits with Amanah Saham Nasional Bhd (ASB), as of June 13.

His second largest asset stands at RM1,248,938 in a current account in Affin Bank, as of June 30.

Najib also owns seven properties including land in Pekan, Bentong and Kuantan in Pahang, as well as in Semenyih and a condominium unit at Awana Condominium in Genting Highlands.

Three out of the seven properties (lands in Kuantan, Pekan and Bentong) were inherited while the rest were acquired. These properties amounted to RM460,987, according to the affidavit.

Also listed are eight motor vehicles ranging from Mercedes-Benz, Bentley, Honda EX5 and a Kawasaki ZG, amounting to RM252,000.

In a previous affidavit, Najib said four Mercedes-Benz cars and the Bentley were gifts received from his in-laws from Kazakhstan while the Kawasaki ZG was also gifted to him by an entity.

A Mareva injunction is a temporary order which restrains the defendant from disposing of assets until the determination of the case between the plaintiff and the defendant.

The court directed that Najib, 69, must not remove, dispose of, deal with or diminish the value of any assets in and outside of Malaysia up to the value of RM42mil, pending the final determination of the suit.

“I affirm this affidavit to adhere to the court order dated March 24 where I am ordered to disclose to the court and the plaintiffs of my asset details,” Najib said in the affidavit filed on July 20.

“On my instruction, my accountant has prepared the additional asset list, which I confirm to be true and accurate based on the details already available to me.”

According to the court order on the Mareva injunction, Najib, who was SRC’s adviser emeritus, is entitled to draw and expend from a bank account or other sources, a sum not exceeding RM100,000 per month, for ordinary living and legal expenses.

SRC and Gandingan Mentari sued Najib on May 7 last year for alleged criminal breach of trust, abuse of power and misappropriation of SRC’s funds.

The suit is among the 22 civil actions launched by 1MDB and SRC which targeted those who allegedly defrauded the companies and breached fiduciary duties.

Najib’s lawyer Muhammad Farhan Muhammad Shafee told the press yesterday that they had withdrawn an application to postpone the proceedings in the SRC and Gandingan Mentari civil suit.

“The SRC criminal appeal has been fixed for hearing on Aug 15 so there is no issue about the civil case proceeding before the disposal of the criminal case.

“We will be filing our defence (in the civil suit) in two months,” he said.

Another case management has been fixed for Oct 13.

On July 28, 2020, the High Court sentenced Najib to 12 years in prison and a fine of RM210mil after finding him guilty of misappropriating RM42mil in SRC funds.

The Court of Appeal affirmed the High Court’s decision and Najib’s final appeal in the criminal case will be heard at the Federal Court on Aug 15.

The Star

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I have only RM 4.5 million in assets: Former Malaysia PM Najib