Malaysian ex-premier hit with 25 new criminal charges including receiving, using and transferring illegal proceeds in what may prove to be the world's biggest ever financial scam
New charges were leveled today against Malaysia’s former Prime Minister Najib Razak in connection with an international corruption scandal at the 1Malaysia Development Berhad (1MDB) state development fund, which accumulated billions of dollars in debts while the ex-premier served as its advisory board chairman.
Twenty-five charges were laid against Najib, 64, whose nine-year premiership was repudiated by voters at this year’s May 9 polls, related to a US$681 million transfer made into his personal bank account in 2013. Najib does not dispute the transfer but claims the funds were a “political donation” from a Saudi royal and not subject to regulation under Malaysian law.
Investigators, however, believe the funds were pilfered from 1MDB in one of the world’s biggest ever financial scandals. Charges unveiled today include nine counts of receiving illegal proceeds, five counts of using illegal proceeds, seven counts of transferring the proceeds to other entities and four counts of power abuse.
The former premier, who faces a maximum 20-year prison sentence if convicted, has pleaded not guilty to all charges so far and has denied any wrongdoing. Graft probes are underway in at least six countries and investigators at the US Department of Justice (DoJ) believe Najib’s associates embezzled and laundered US$4.5 billion from the fund from 2009 to 2014.
Nile Bowie is a writer and journalist with the Asia Times covering current affairs in Singapore and Malaysia. He can be reached at nilebowie@gmail.com.
New charges were leveled today against Malaysia’s former Prime Minister Najib Razak in connection with an international corruption scandal at the 1Malaysia Development Berhad (1MDB) state development fund, which accumulated billions of dollars in debts while the ex-premier served as its advisory board chairman.
Twenty-five charges were laid against Najib, 64, whose nine-year premiership was repudiated by voters at this year’s May 9 polls, related to a US$681 million transfer made into his personal bank account in 2013. Najib does not dispute the transfer but claims the funds were a “political donation” from a Saudi royal and not subject to regulation under Malaysian law.
Investigators, however, believe the funds were pilfered from 1MDB in one of the world’s biggest ever financial scandals. Charges unveiled today include nine counts of receiving illegal proceeds, five counts of using illegal proceeds, seven counts of transferring the proceeds to other entities and four counts of power abuse.
The former premier, who faces a maximum 20-year prison sentence if convicted, has pleaded not guilty to all charges so far and has denied any wrongdoing. Graft probes are underway in at least six countries and investigators at the US Department of Justice (DoJ) believe Najib’s associates embezzled and laundered US$4.5 billion from the fund from 2009 to 2014.
Read the full story at Asia Times.
