Former Malaysian PM convicted in corruption trial
Jailed former Malaysian prime minister Najib Razak has been convicted in a corruption case linked to the multibillion-dollar looting of the 1MDB state investment fund.
The country’s Supreme Court found Najib, 72, guilty of four counts of abuse of power. Decisions on additional money laundering charges were still being made Friday afternoon.
Authorities said he transferred more than US$700 million ($1.0 billion) from his 1MDB fund to his personal bank accounts.
Najib, who served as prime minister from 2009 to 2018, is currently serving a prison sentence after being convicted in an earlier case linked to the 1MDB scandal that led to his government’s defeat in 2018.
In 2020, he was sentenced to 12 years in prison for abuse of power, breach of trust and money laundering, involving funds transferred to his accounts from SRC International, a former unit of 1MDB.
His sentence began in August 2022 after he lost the final appeal, becoming Malaysia’s first former leader to be imprisoned. The Pardons Board, a body that advises executives on pardons, cut his sentence in half and substantially reduced it in 2024.
Najib established the 1MDB development fund shortly after taking office in 2009. During his time as prime minister, he chaired 1MDB’s advisory board and had veto power as finance minister.
The corruption case spread across global markets and triggered investigations in the United States and other countries.
Authorities claimed the funds were used to finance Hollywood movies and extravagant purchases such as hotels, a luxury yacht, artwork and jewelry.
The scandal also hit Wall Street; Goldman Sachs faced billions of dollars in fines for its role in raising money for 1MDB.
Najib has denied any wrongdoing. He claimed that the funds were donations from Saudi Arabia and that he was misled by fraudulent financiers.
Earlier this week, Najib failed in his bid to serve his corruption sentence under house arrest. Malaysia’s Supreme Court ruled on Monday that a rare house arrest order by the country’s former king was invalid because it did not comply with constitutional requirements. Najib’s lawyer said they plan to appeal.
Najib, who is expected to be released in August 2028 after his sentence is reduced, now faces a longer prison sentence.
