Sunday, Aug 14, 2022

Former Malaysian PM Najib To Face Trial In Multi-Million Dollar Global Scandal

The 65 year old former leader, Najib Razak, who is the former Prime Minister of Malaysia, is set to face the court on Wednesday, for his alleged involvement in the 1MDB looting scandal.

File photo

Malaysia's disgraced former leader, Mohd Najib Tun Razak will go on trial on Wednesday over a multi-billion-dollar financial scandal that contributed to his long-ruling coalition's downfall last year, and sent shockwaves around the world.

The 65-year-old will face the first of several trials over his alleged involvement in the looting of sovereign wealth fund 1MDB, a state investment vehicle established to develop the economy of the Southeast Asian nation.

The former premier and his cronies are accused of plundering billions of dollars from the fund, and spending it on everything from high-end real estate to artworks in a fraud that stretched around the world.

Najib's former mentor turned nemesis, Mahathir Mohamad, now 93, and in his second stint in office, has pledged to bring him to justice and bring back the huge sums of cash stolen from 1MDB. Najib had been tipped to win another term in office easily last year and extend his coalition's six-decade stranglehold on power, only to be soundly defeated by his former boss, Mahathir, who rode a wave of public anger to the premiership.

In the months that followed, once-dormant investigations into 1MDB were relaunched, and Najib was hit with dozens of corruption charges linked to the scandal.

In Wednesday's trial, due to start at 2:00 pm, Najib will face seven charges of corruption and money laundering over the alleged theft of some 42 million ringgit (USD 10.3 million) from SRC International, a former 1MDB unit.

It is only a fraction of the money allegedly stolen from 1MDB, and hundreds of millions of dollars are believed to have ended up in Najib's accounts alone. He has denied any wrongdoing.

He was initially due to stand trial in February, but appeals by his defence team over procedural matters saw his case put on hold, until a judge last week ruled that the trial should finally proceed.

While many of his cohorts have been caught and charged in Malaysian courts, the alleged mastermind behind the 1MDB scandal, playboy financier Jho Low, is still at large.

Local media reported the former premier made a bid on Monday, to delay his trial yet again, although this failed.

Cynthia Gabriel, head of the non-profit group The Centre to Combat Corruption and Cronyism, said that Malaysians had been waiting "too long" for the trial to begin.

"The multiple delays are so obvious and deliberate, it's a way of pushing the trials further," she said.

She added, “It’s apparent that the former ousted PM, isn't quite ready to sit in the dock and face trial, be cross-examined, and get embarrassed."

Fahmi Reza, a graphic artist who was slapped with a jail term and fined for depicting Najib in a caricature as a sinister clown, said it was the ex-premier's turn to "face justice".

The US Department of Justice, which is investigating the controversy as money was allegedly laundered through the US financial system, believes USD4.5 billion in total was looted from 1MDB.