Former Malaysian prime minister Najib Razak sentenced to 12 years of scandal for 1MDB

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Outside the courthouse, hundreds of angry supporters chanted “Vive Najib”. (File)

Kuala Lumpur:

Former Malaysian leader Najib Razak was sentenced to 12 years in prison on Tuesday for corruption linked to the multibillion dollar 1MDB scandal that led to the fall of his government two years ago.

The ex-prime minister was also fined nearly $ 50 million after being found guilty of all seven counts in the first of several trials linked to the looting of the sovereign wealth fund 1Malaysia Development Berhad.

The 67-year-old is contesting the verdict and will be allowed to remain free on bail until a lengthy appeal process is completed.

Billions of dollars have been stolen from the Malaysian state’s primary investment vehicle and spent on everything from high-end real estate to expensive art.

Investment bank Goldman Sachs was also implicated in the scandal and faces a series of hefty fines in the United States and Malaysia.

Anger over the looting played a big role in the shock loss of Najib’s longtime coalition in the 2018 election, and he was arrested and charged with dozens of charges after his defeat.

The verdict was greeted as a boost for the rule of law in Malaysia and came despite the return to power of Najib’s political allies earlier as part of a coalition.

Kuala Lumpur High Court Judge Mohamad Nazlan Mohamad Ghazali found Najib guilty of seven counts relating to the transfer of 42 million ringgit ($ 9.9 million) from a former 1MDB unit to his bank accounts .

The blue-blooded politician, whose father and uncle were both former Malaysian prime ministers, had vehemently denied any wrongdoing and looked calm when the verdict was delivered.

“Kleptocracy”

After finding him guilty of several counts, including abuse of power, criminal breach of trust and money laundering, the judge sentenced Najib to terms of 10 to 12 years each.

The sentences will however be carried out simultaneously, which means that he will remain behind bars for 12 years.

Addressing the court before sentencing, Najib read a Quranic verse and defended his record for nine years as Malaysian prime minister.

But prosecutor V. Sithambaram called for a heavy punishment, claiming that Najib was guilty of a “flagrant betrayal of trust.”

“This affair has tarnished the country as a kleptocracy, and the people of Malaysia do not deserve this,” he said.

Outside the courthouse, hundreds of angry supporters chanted “Vive Najib”.

The former leader had insisted he was unaware of the transactions of the 1MDB unit, SRC International.

The defense team portrayed him as a victim and instead sought to portray financier Low Taek Jho – a key figure in the scandal who has been indicted in the United States and Malaysia – as the mastermind.

Low, whose whereabouts are unknown, maintains his innocence.

Najib’s lawyers said he was tricked by Low into believing the money was a donation from Saudi royalty, but the judge dismissed the notion as “far-fetched.”

Political turmoil

The return of Najib’s party to power after the collapse of a reformist administration that replaced it, was quickly followed by prosecutors dropping charges against his stepson Riza Aziz, and raised concerns that the own cases of the ex-chef would be influenced.

Riza has also reportedly received huge sums of 1MDB, notably to finance her Hollywood production company – which directed “The Wolf of Wall Street”, starring Leonardo DiCaprio.

Analysts said the condemnation would boost confidence in the new government headed by Prime Minister Muhyiddin Yassin, whose legitimacy has been questioned since taking office without an election.

He will be seen as “putting the country above politics and winning the support of those who wanted justice in the case,” Bridget Welsh, a Malaysian expert at the University of Nottingham, told AFP.

Still, the political ramifications could be significant.

The condemnation could destabilize the ruling coalition, which has a tiny majority in parliament, if Najib and his supporters withdraw their support – which could lead to early elections.

The amounts involved in Najib’s first case are modest compared to those in his second and larger trial, which centers on allegations that he illegally obtained more than $ 500 million.

Malaysia had also accused Goldman Sachs, claiming large amounts were stolen when the bank arranged bond issues for 1MDB, but the two sides agreed to a $ 3.9 billion settlement last week.

(Except for the title, this story was not edited by GalacticGaming staff and is posted from a syndicated feed.)

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