While court hearings expose the extent of 1MDB corruption, authorities move to prevent a repeat of the massive scandal
Since hearings in the main 1Malaysia Development Berhad (1MDB) state development fund trial commenced in August, prosecutors have presented jaw-dropping accounts of alleged top-level corruption and abuse of power.
Ex-premier Najib Razak stands accused of looting hundreds of millions of dollars from 1MDB for self-enrichment and actively interfering with an anti-corruption probe launched after the first hints of the scandal broke in July 2015.
Prosecutors have leveled 42 charges against Najib, who faces the possibility of life in prison for graft, money laundering, abuse of power and criminal breach of trust.
The latest trial, one of a scheduled five, brings 21 charges of money laundering and four of abuse of power for receiving illegal transfers of about 2.3 billion ringgit (US$550.8 million) between 2011 and 2014.
While observers wait for justice to be served in what some have referred to as the biggest heist in financial history, Malaysia is slowly but surely putting in place new mechanisms to prevent a repeat of the massive scam.
Nile Bowie is a journalist and correspondent with the Asia Times covering current affairs in Singapore and Malaysia. He can be reached at nilebowie@gmail.com.
Since hearings in the main 1Malaysia Development Berhad (1MDB) state development fund trial commenced in August, prosecutors have presented jaw-dropping accounts of alleged top-level corruption and abuse of power.
Ex-premier Najib Razak stands accused of looting hundreds of millions of dollars from 1MDB for self-enrichment and actively interfering with an anti-corruption probe launched after the first hints of the scandal broke in July 2015.
Prosecutors have leveled 42 charges against Najib, who faces the possibility of life in prison for graft, money laundering, abuse of power and criminal breach of trust.
The latest trial, one of a scheduled five, brings 21 charges of money laundering and four of abuse of power for receiving illegal transfers of about 2.3 billion ringgit (US$550.8 million) between 2011 and 2014.
While observers wait for justice to be served in what some have referred to as the biggest heist in financial history, Malaysia is slowly but surely putting in place new mechanisms to prevent a repeat of the massive scam.
Read the full story at Asia Times.
