Malaysia’s High Court on Tuesday found Najib Razak guilty on all seven charges of money laundering, abuse of power and criminal breach of trust in the first case in a series of sovereign fund-linked corruption trials against him.
Photo via @Reuters
- Mohammad Najib bin Tun Haji Abdul Razak served as the 6th Prime Minister of Malaysia from 2009 to 2018.
- Born: July 23, 1953 (age 67 years), Malaysia
- The former prime minister was voted out in a historic 2018 election amid public anger over allegations that $4.5 billion was stolen in a global scheme from the 1Malaysia Development Bhd (1MDB) fund.
Background
- 1MDB was set up in 2009 and raised billions of dollars in bonds for use in investment projects
- The US Department of Justice said $4.5 billion was diverted to offshore bank accounts
- Malaysian authorities say at least $4.3 billion more is unaccounted for and that Razak illegally received more than $1 billion
- The verdict comes only days after Goldman Sachs reached a $3.9 billion settlement with Malaysia in return of dropping criminal charges against the bank
(Source: Reuters)
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