The trial of Najib Razak: former PM to face court of over global 1MDB scandal
Everything you need to know about the corruption-related charges the former Malaysian leader faces in the first trial over 1MDB
What is happening?
On Wednesday, the trial of the former Malaysian prime minister Najib Razak will finally begin, after a two-month delay.
Najib, who was unexpectedly toppled from power in a general election in May 2018, has been arrested multiple times over the past year on charges relating to 1MDB, a vast corruption scandal which saw billions of dollars embezzled from a Malaysian state fund set up by Najib.
During Najib’s tenure, billions were illicitly spent around the globe on everything from Manhattan real estate and hotels, to yachts, Picasso paintings, diamonds and Hollywood films. It is alleged that about $1bn ended up in Najib’s personal bank account. Najib has said he had no knowledge of the multibillion dollar fraud.
What charges is Najib facing?
Overall Najib has been slapped with 42 criminal charges relating to 1MDB – 27 money laundering charges, nine for criminal breach of trust, five for abuse of power and one for audit tampering – and Wednesday’s trial is just the first of several trials he is due to face.
It specifically relates to financial transactions from SRC International, a company that was a subsidiary of 1MDB. Najib will be facing three charges of criminal breach of trust, three charges of money laundering and one charge of abuse of power, relating to $10m of SRC International funds that allegedly ended up in Najib’s personal bank account. Najib denies all seven charges.
Malaysia is not the only country who has been investigating 1MDB. At least six countries, including the United States, Switzerland and Singapore, have launched money laundering and graft investigations into 1MDB. Malaysia is also seeking reparations of $7.5bn from Goldman Sachs, the investment bank which is accused of facilitating much of the misappropriation of funds.
https://www.theguardian.com/world/2019/apr/02/the-trial-of-najib-razak-former-pm-to-face-court-of-over-global-1mdb-scandal