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🇲🇾 Malaysia /Economy & Trade

Court Allows Najib and Son to Defer Bankruptcy Proceedings

From Utusan Malaysia · () Malay

Translated from Malay and summarized by DistantNews. Read the original for the full story.

At a glance

Newswire From a news agency In the courts
  • Malaysia’s Court of Appeal unanimously allowed Najib Razak and Mohd Nazifuddin to defer bankruptcy proceedings against them.
  • The court said specific issues before the Special Commissioners of Income Tax justified the suspension.
  • The Inland Revenue Board is seeking RM1.69 billion from Najib and RM37.6 million from his son for tax arrears covering assessment years 2011 to 2017.

Malaysia’s Court of Appeal has allowed former Prime Minister Najib Razak and his son, Mohd Nazifuddin, to put bankruptcy proceedings on hold.

A three-judge panel unanimously allowed their appeals against a High Court decision from November 17 last year, which had rejected their applications for a stay. Judge Alwi Abdul Wahab said the suspension was justified because both appellants had raised specific issues that still needed determination by the Special Commissioners of Income Tax.

Najib and Nazifuddin sought the stay while they await decisions on their appeals concerning additional tax assessments issued by Malaysia’s Inland Revenue Board. The bankruptcy proceedings stem from separate High Court rulings that granted summary judgments in favor of the tax authority over unpaid assessments for the 2011 to 2017 years.

The Inland Revenue Board is seeking RM1.69 billion from Najib and RM37.6 million from Nazifuddin. The Court of Appeal’s decision delays the bankruptcy proceedings while the tax-related appeals continue.

The stay is appropriate because both appellants have raised specific issues that must be decided by the Special Commissioners of Income Tax

· Alwi Abdul WahabThe judge explained the unanimous decision to defer the bankruptcy proceedings.
About this summary

Originally published by Utusan Malaysia in Malay. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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