Imprisoned former Malaysian prime minister Najib Razak was yesterday convicted, following a corruption trial tied to multibillion-dollar looting of the 1Malaysia Development Berhad (1MDB) state investment fund.
The nation’s high court found Najib, 72, guilty on four counts of abuse of power and 21 charges of money laundering related to more than US$700 million channeled into his personal bank accounts from the 1MDB fund.
Najib denied any wrongdoing, and maintained the funds were a political donation from Saudi Arabia and that he had been misled by rogue financiers led by businessman Low Taek Jho.
Photo: AP
Low, thought to be the scandal’s mastermind, remains at large.
Judge Collin Lawrence Sequerah said Najib’s claim of a Saudi donation was “incapable of belief,” adding that four letters purportedly from the Saudi donor were forged and evidence clearly showed the funds originated from 1MDB..
He rejected defense arguments that Najib was an unwitting victim, duped by former 1MDB officials and Low.
Witness testimonies had pointed to an “unmistakble bond” between Najib and Low, who had played a pivotal role in the scandal and operated as “the proxy, the conduit, the intermediary and the facilitator” for Najib in 1MDB, the judge said.
Najib failed to take steps to verify the origin of the massive funds and did not take action against Low. Instead, Najib used the money, despite its suspicious origins, and also took steps to protect his position, including by removing the then-attorney general and anti-corruption chief investigating the case, he said.
“The accused was no country bumpkin,” Sequerah said. “Any attempt to paint the accused as an ignoramus who was hopelessly unaware of the misdeeds going around him must therefore, fail miserably.”
The ruling marked a major milestone in one of the world’s largest financial scandals, which rippled across global markets and triggered investigations in the US and other nations.
Najib is serving a prison sentence after being convicted in an earlier case linked to the 1MDB scandal, which led to his government’s defeat in 2018.
He was sentenced to 12 years in prison in 2020 for abuse of power, criminal breach of trust and money laundering involving 42 million ringgit (US$10.4 million) channeled into his accounts from SRC International, a former unit of 1MDB.
He began his sentence in August 2022 after losing a final appeal, becoming Malaysia’s first former leader to be jailed.
The Pardons Board, a body that advises rulers on granting clemency, halved his sentence and sharply reduced his fine last year.
Najib set up the 1MDB development fund shortly after taking office in 2009. He chaired its advisory board and held veto power as minister of finance while serving as prime minister.
Between 2009 and 2014, top executives and associates of Najib looted more than US$4.5 billion from the fund, laundering it through countries including the US, Singapore and Switzerland, the US Department of Justice said.
Authorities alleged the funds were used to finance Hollywood films and extravagant purchases including hotels, a luxury yacht, art and jewelry.
The scandal also hit Wall Street, with Goldman Sachs facing billions in fines for its role in raising money for 1MDB.
Earlier this week, Najib failed in his bid to serve his graft sentence under house arrest.
The Malaysian High Court on Monday ruled that a rare royal order for home arrest issued by the nation’s former king was invalid, because it was not made in accordance with constitutional requirements.
Najib’s lawyer has said they plan to appeal.
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