Why did Najib fail to set aside the RM42 million Mareva injunction?

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Najib Fails to Set Aside RM42 Million Mareva Injunction in SRC Suit

The Court of Appeal dismissed Datuk Seri Najib Razak's appeal to set aside a Mareva injunction, upholding the High Court's decision that there was a good arguable case to restrain him from dissipating assets totalling RM42 million. The appellate court found no error in the Judicial Commissioner's assessment of the law and evidence presented by SRC International Sdn Bhd and its subsidiary, Gandingan Mentari Sdn Bhd.
High Court Judgement Affirmed

The Court of Appeal, comprising Justices Datuk Yaacob Md Sam, Datuk P. Ravinthran, and Datuk Seri Mariana Yahya, concluded that the High Court Judicial Commissioner Datuk Mohd Arief Emran Arifin did not make any appealable error when granting the Mareva injunction. Justice Yaacob, delivering the court's decision, stated that the JC had adequately considered the relevant law and the evidence presented in the companies' affidavits before allowing the injunction, finding that a strong and arguable case existed.
Legal Basis for the Injunction

A Mareva injunction is a legal order designed to prevent a defendant from disposing of assets until a case is finally determined. In this instance, the injunction was granted to SRC International and Gandingan Mentari Sdn Bhd to prevent Najib from transferring, disposing of, or diminishing assets valued up to RM42 million, both within and outside Malaysia. This order is pending the final resolution of the lawsuit filed against him by the companies.
Allegations in the Lawsuit

SRC International and Gandingan Mentari Sdn Bhd initiated a lawsuit against Najib last year. The suit alleges that Najib committed a breach of trust, misused his power, personally benefited from SRC International funds, and misappropriated these funds. The legal proceedings for this specific suit are ongoing in the High Court in Kuala Lumpur.
Restrictions and Allowances

Following the affirmation of the Mareva injunction, Najib is restrained from moving or diminishing assets amounting to RM42 million. However, he is permitted to withdraw up to RM100,000 per month. This monthly allowance is intended to cover his living expenses and legal fees associated with his various legal cases.

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Why did Najib fail to set aside the RM42 million Mareva injunction?

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