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World Najib Faces Jail Time, Whipping After Being Charged in 1MDB Case

05:06  04 july  2018
05:06  04 july  2018 Source:   bloomberg.com

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Malaysian authorities have charged former leader Najib Razak with corruption and criminal breach of trust in connection with a multibillion-dollar scandal surrounding state fund 1 MDB . Najib faces three counts of criminal breach of trust, which carry a punishment of up to 20 years in jail and whipping

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Former Malaysian prime minister Najib Razak arrives in court in Kuala Lumpur, Malaysia July 4, 2018. REUTERS/Lai Seng Sin © Thomson Reuters Former Malaysian prime minister Najib Razak arrives in court in Kuala Lumpur, Malaysia July 4, 2018. REUTERS/Lai Seng Sin

(Bloomberg) -- Malaysian authorities have charged former leader Najib Razak with corruption and criminal breach of trust in connection with a multibillion-dollar scandal surrounding state fund 1MDB.

Najib faces three counts of criminal breach of trust, which carry a punishment of up to 20 years in jail and whipping, along with a possible fine. He also faces one charge under the anti-corruption act, which calls for a prison sentence of up to 20 years and a fine of no less than five times the value of funds siphoned. The charges were read out by a court official on Wednesday.

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He faces dozens of charges over allegations of graft at 1 MDB , which lost .5 billion that prosecutors in Malaysia and the United States say was funneled Initially quiet after his electoral defeat, Mr. Najib has been increasingly vocal on social media, professing his innocence and criticizing the governing

The 1 MDB case will go much deeper than Najib , says Bridget Welsh of John Cabot University. Malaysia’s former leader Najib Razak has pleaded not guilty to charges of corruption and criminal If found guilty, he could be jailed for up to 20 years and fined. The ex-prime minister is seeking a trial

In a video posted on Najib’s official Twitter account on Tuesday night, he apologized to the nation while saying not all of the accusations against him are true and that he’d defend himself. Invoking the afterlife, the caption said: “I accept that today is the day my family and I face the world’s tribulation.”

Prime Minister Mahathir Mohamad, whose coalition ousted Najib in May, has sought to recoup $4.5 billion potentially siphoned from 1MDB. A parliamentary committee in 2016 identified at least $4.2 billion in irregular transactions by the fund, with the U.S. Department of Justice saying some cash was used to purchase a 300-foot yacht, luxury homes, artwork, and stakes in several Hollywood films, including “The Wolf of Wall Street.”

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Facing years in a Thai jail , Justo was allegedly pressured to claim the Sarawak Report and The In July 2018 -- three years after the first 1 MDB stories began emerging -- Najib was charged with four And this week, as Najib faces his accusers, many Malaysians hope the country will finally shed its old

The charges were read out to Najib in a sessions court, before moving to the High Court where an official read out the charges again. Najib , standing and nodding occasionally, pleaded not guilty. Police chief Mohamad Fuzi Harun said the charges were the result of a thorough investigation by the MACC.

Najib was arrested on Tuesday, less than two months after a surprise election loss that toppled his party’s six-decade rule. His former government had previously cleared him of wrongdoing.

The scandal had cast a cloud over doing business in Malaysia and unnerved investors. Markets were spooked by the May 23 disclosure that government debt and liabilities had jumped to 1.087 trillion ringgit ($268.4 billion), inflated by state guarantees for borrowing at 1MDB. The ringgit slid to a six-month low and overseas ownership of the nation’s bonds dropped to the lowest since August. The challenge now for Mahathir is to make good on his promises to root out the corruption he said is rife in many government departments.

Malaysia’s police last week said they had seized about $273 million of items in raids linked to Najib. They included stacks of cash, Hermes International handbags, Rolex watches, a diamond necklace and more than 200 pairs of designer sunglasses.

Najib Razak: $200M worth of goods seized from former Malaysian PM's residences

  Najib Razak: $200M worth of goods seized from former Malaysian PM's residences Luxury handbags, jewelry, cash and goods seized from six properties linked to former Malaysian Prime Minister Najib Razak are worth more than $225 million, police said Wednesday. The goods were seized as part of an investigation into a sprawling scandal related to 1MDB, a state investment vehicle from which Najib is accused of siphoning off billions of dollars. He has denied any wrongdoing. Najib and his wife Rosmah Mansor will be called into questioning at a later date, Malaysia's Commercial Crime Investigation Department (CCID) director Amar Ishar Singh said Wednesday, without providing a specific timeline.

Najib ’s lawyer, Shafee Abdullah, was also charged with money laundering and tax evasion, while MP Abdul Azeez Abdul Rahim, who belonged to Najib ’s UMNO party, was arrested and charged in connection with allegations of bribery and money laundering. Where is Jho Low? This has been the

Jho Low still faces criminal charges despite 1 MDB settlement. The new charges piled pressure on the former leader as he reeled from a tumultuous fortnight in which unrelated money-laundering charges were laid against his lawyer Shafee Abdullah and key allies left his United Malays National

The arrest on Tuesday was made in connection with SRC International Sdn., according to a statement from the task force. SRC International was a former unit of 1Malaysia Development Bhd. Bernama reported in May that investigators had asked Najib about an unspecified amount of funds he had received from the company.

In January 2016, former Attorney-General Mohamed Apandi Ali had cleared Najib of wrongdoing in connection with SRC, saying there was no evidence he knew that money from the company was transferred into his personal accounts. Meanwhile, Swiss investigators said in October 2016 that some $800 million in natural-resource investments from SRC International appeared to have been misappropriated, hidden in part through the creation of a Ponzi scheme.

To contact the reporters on this story: Yudith Ho in Kuala Lumpur at yho35@bloomberg.net;Anisah Shukry in Kuala Lumpur at ashukry2@bloomberg.net

To contact the editors responsible for this story: Daniel Ten Kate at dtenkate@bloomberg.net, Ruth Pollard

©2018 Bloomberg L.P.

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