Court finds Malaysia ex-PM Najib Razak guilty in 1MDB scandal
A court found the former Malaysian prime minister Najib Razak guilty of all seven charges in the first verdict to be handed down in a series of corruption trials related to state development fund 1Malaysia Development Berhad (1MDB).
Kuala Lumpur High Court judge Mohamad Nazlan Ghazali found Najib guilty of three counts of criminal breach of trust, three counts of money laundering, and one count of abuse of power.
“After considering all evidence in this trial, I find that the prosecution has successfully proven its case beyond a reasonable doubt,” Ghazali said after spending two hours to read out his ruling.
The charges are the first of 42 that Najib is facing over five separate trials. They concern 42 million Malaysian ringgit ($9.5 million, €8.1 million) allegedly stolen from SRC International, a 1MDB company set up by Najib when he took office in 2009.
Each of the charges from Tuesday carry hefty fines and jail terms of up to 15 or 20 years. Najib’s lawyers are seeking a delay in sentencing.
Najib has said he would appeal any decision at the federal court. He has said he was misled by rogue bankers and the case against him is political.
Read more: US probes Deutsche Bank over dealings with Malaysia’s 1MDB fund
What is the 1MDB affair?
Najib set up 1MDB shortly after becoming prime minister in 2009 to ostensibly accelerate Malaysia’s economic development.
But the fund accumulated billions in debt, and US investigators allege that at least $4.5 billion was stolen from it and laundered by Najib’s associates to finance Hollywood films and buy hotels, a $250-million superyacht, jewelry and a Pablo Picasso painting.
More than $1 billion from the fund allegedly landed in Najib’s bank accounts.
Najib’s wife and several officials from his party and previous government have also been charged with graft.
Public outrage at the looting of the investment vehicle played a large part in the loss of Najib’s long-ruling coalition in elections in 2018.
Read more: US Justice department charges Malaysian financier and Goldman Sachs bankers in massive fraud case
What’s next for Najib?
The High Court on Monday announced July 2021 dates for another trial related to SRC International.
He is due back in court on August 3 for the next hearings in the biggest ongoing trial — over allegations he stole over $700 million in public money from 1MDB.
kmm/rc (AP, dpa, Reuters)
Article source: https://www.dw.com/en/court-finds-malaysia-ex-pm-najib-razak-guilty-in-1mdb-scandal/a-54343033?maca=en-rss-en-all-1573-rdf