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KUALA LUMPUR: Malaysia’s former prime minister Najib Razak was hit with new charges on Wednesday linked to a multi-billion-dollar financial scandal that contributed to his shock election defeat in May.
Appearing at a court in Kuala Lumpur, Najib was charged with three counts of money-laundering over claims he pocketed 42 million ringgit ($10.3 million) from a former unit of scandal-hit sovereign wealth fund 1MDB.
These are in addition to the charges he faced last month after he was first arrested — three for criminal breach of trust and a separate count that he abused his position to take the money.
The 65-year-old, who is free on bail, has denied all the charges.
Malaysia’s new government is probing allegations that billions of dollars were looted from 1MDB, which was set up and overseen by Najib, in an audacious fraud that spanned the globe.
Najib is facing a long time behind bars if found guilty — the money-laundering charges carry maximum jail terms of 15 years each, while the other four charges carry sentences of 20 years each.
The money-laundering charges allege 42 million ringgit stemming from illegal activities was transferred to Najib’s bank accounts between December 2014 and February 2015.
All the charges relate to fund transfers from SRC International, an energy company that was originally a subsidiary of 1MDB.
The sums involved are just a fraction of the $681 million that was mysteriously transferred to Najib’s personal bank accounts several years ago, sparking uproar in Malaysia.
The then attorney general — who had ties to Najib’s party — cleared the leader of wrongdoing, and said that the money had been a donation from the Saudi royal family.
Published in Dawn, August 9th, 2018
