{"id":233020,"date":"2020-07-29T09:13:18","date_gmt":"2020-07-29T03:43:18","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=233020"},"modified":"2020-07-29T09:19:51","modified_gmt":"2020-07-29T03:49:51","slug":"former-prime-minister-of-malaysia-najib-razak-found-guilty-of-corruption-and-abuse-of-power","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/07\/29\/former-prime-minister-of-malaysia-najib-razak-found-guilty-of-corruption-and-abuse-of-power\/","title":{"rendered":"Former Prime Minister of Malaysia, Najib Razak found guilty of corruption and abuse of power"},"content":{"rendered":"

Kuala Lumpur High Court:<\/strong> Popularly called as the \u201cMan of Steal\u201d by his critics, former PM of Malaysia, Mr. Najib Razak was sentenced to 12 years in prison for abuse of power, and 10 years in jail for each of six counts of money laundering and breach of trust. The sentences are to run concurrently. Additionally he has to pay a fine of nearly $50 million. Mohamad Nazlan Mohamad Ghazali, J., rejected the argument that Mr. Najib received the money as a gift from a Saudi royal and that he was unaware of the balance in his own account. The Judge observed that, \u201cAfter considering all evidence in this trial, I find that the prosecution has successfully proven its case beyond a reasonable doubt.\u201d<\/p>\n

There were several allegations against him like pilferation of government coffers to lead a luxurious life. Most importantly he was accused of transferring 42 million ringgit ($10m) from 1 Malaysia Development Berhad (1MDB) to his private accounts during his tenure as PM. The Fund was a sovereign wealth fund, set up in 2009, when Razak was the PM. Sovereign wealth funds are government-owned investment funds that are used to boost a country’s economic development. In 2015, questions were raised around 1MBD’s activities after it missed payments owed to banks and bondholders. Malaysian and US authorities allege that $4.5bn was illicitly plundered from the fund and diverted into private pockets.<\/p>\n

The Court rejecting Mr. Najib\u2019s defense that the theft was carried out without his knowledge by\u00a0Jho Low, a wealthy Malaysian businessman, observed that, \u201cIt would be extraordinary that the accused as the then-prime minister and finance minister did not know it.\u201d In rejecting Mr. Najib\u2019s defense and questioning his credibility, the Judge cast doubt on whether the former prime minister\u2019s legal strategy can be effective in his upcoming trials, which will focus on much larger amounts of money that went missing from 1MDB.<\/p>\n

\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Source: The New York Times<\/strong><\/p>\n

Image Credits: cnbc.com<\/p>\n","protected":false},"excerpt":{"rendered":"

Sucheta Sarkar, Editorial Assistant has put this story together<\/p>\n","protected":false},"author":67011,"featured_media":233021,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[27984,2673,42798,42799],"class_list":["post-233020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news","tag-abuse-of-power","tag-corruption","tag-former-prime-minister-of-malaysia","tag-najib-razak"],"yoast_head":"\nFormer Prime Minister of Malaysia, Najib Razak found guilty of corruption and abuse of power | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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