KUALA LUMPUR (BLOOMBERG) - Former Malaysian prime minister Najib Razak faltered in his bid to get a High Court to halt bankruptcy proceedings against him for failing to pay a tax bill totalling RM1.74 billion (S$560 million).
Kuala Lumpur High Court Judge Ahmad Bache on Monday (June 14) dismissed Najib’s application for a stay of execution, according to an email exchange between the court and relevant parties.
Separately, the court of appeal will hear Najib’s plea on June 16, according to his lawyer Farhan Shafee.
Monday’s ruling is a blow to Najib, who was slapped with a bankruptcy notice in April just when he began his appeal against his conviction last year on charges in a case involving millions he received from a former unit of troubled state fund 1MDB.
Malaysian Court Rejects ex-PM Najib s Request to Stay Bankruptcy Order — BenarNews benarnews.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benarnews.org Daily Mail and Mail on Sunday newspapers.
Malaysia’s 1MDB and a former unit have filed suits against firms including JPMorgan Chase & Co. and Deutsche Bank AG as the nation seeks to recover assets worth more than $23 billion linked to the scandal-plagued state-owned investment fund. 1MDB, whose full name is 1Malaysia Development Bhd., and SRC International Sdn. filed a combined 22 civil suits against a slew of entities and individuals for various alleged wrongdoings including fraud and conspiracy to defraud the fund, the Finance Ministry said on Monday. Among those named were JPMorgan and Deutsche Bank, according to a person familiar with the matter who declined to be identified discussing non-public information.