Malaysia EX-PM convicted over 1MDB investment fund

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Malaysia EX-PM convicted over 1MDB investment fund

Malaysian EX-PM Najib Razak was convicted guilty by court over his trail for looting 1MDB investment fund. The ruling would strengthen the prosecution’s case in Najib’s future trials as he said he would appeal. This could further prompt the business community that the Malaysia’s legal system indomitability in tackling international financial crimes.

Malaysian EX-PM is descendant of one of the most prominent political families who is facing 42 charges in five separate trials and could face years in prison. The current trial involved a charge of abuse of power, three charges of criminal breach of trust and three money laundering charges in which the prosecutor laid charges that money laundered was for his own use.

Najib shortly after taking office in 2009 set up 1MDB to ostensibly accelerate Malaysia’s economic development. But the fund accumulated billions in debt, and US investigators allege that at least $4.5 billion was stolen from it and laundered by Najib’s associates to finance Hollywood films and buy hotels, a luxury yacht, artwork, jewelry and other extravagances. More than $700 million from the fund allegedly landed in Najib’s bank accounts.

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