SRC International Sdn Bhd’s board members had a duty to exercise independent judgment and make decisions free from external pressure, Najib Razak’s counsel told the High Court today.
Delivering his closing submissions in SRC’s US$1.18 billion civil suit against the former prime minister, lawyer Farhan Shafee argued that the directors were not legally compelled to comply with instructions from the shareholder.
“Therefore, they cannot hide behind the veil of shareholder’s instructions,” he said.
He said SRC was established under the purview of the Ministry of Finance Incorporated (MoF Inc) and that Najib, then the finance minister, was its sole shareholder.
Farhan said several former directors had testified to having exercised independent judgment in their decisions.
His arguments…