Recently, Malaysia’s top court ordered former prime leader Najib Razak to begin a 12-year jail sentence (1MDB) after maintaining a guilty verdict on charges relating to a multi-billion dollar fraud scandal at state fund 1Malaysia Development Berhad.
Reuters
Malaysia’s apex court tuned down Najib’s final appeal and rejected his request for a sentence delay.
Najib, 69, was tried and convicted in July 2020 of money laundering, power misuse, and criminal breach of trust after obtaining 10 million dollars from SRC International, a former division of 1MDB, illegally. He had been free on bail while appeals were pending.
What is 1MDB?
A government investment firm, officially known as 1Malaysia Development Behad. Najib co-founded 1MDB, a state-owned business that is now bankrupt, in 2009 with the intention of advancing development. In its early years, 1MDB entered into partnerships with firms like PetroSaudi and received funding from investment firm Goldman Sachs in agreements totaling billions of euros.
Reuters
Among its first projects were plans to build a new financial district in Kuala Lumpur, the nation’s capital, and the acquisition of privately held power plants. The fund proved to be more successful at borrowing money than in attracting significant foreign investment, accruing a 12 billion dollars debt.
The Wall Street Journal revealed in 2015 that millions of dollars had been transferred from 1MDB accounts to Najib’s personal…
