
His Prison Term Halved, Former Malaysia Leader Wins Another Reprieve
A Malaysian court on Friday dropped money-laundering charges against former Prime Minister Najib Razak, who is in prison for stealing millions of dollars from a government fund, saying prosecutors were not ready to proceed with the case even though they had filed the charges six years ago.
The court issued what is called a discharge not amounting to an acquittal, meaning Mr. Najib could face those charges again. But that is unlikely, and the move fueled criticism that the authorities were being lenient with the former prime minister, who remains a political force.
Mr. Najib, 71, was ousted from office and eventually convicted of graft in 2020 in the fallout from the looting of a multibillion sovereign wealth fund, 1MDB. The scandal also led to legal action in the United States because of the involvement of the investment bank Goldman Sachs.
But last year, Mr. Najib's prison sentence was halved to six years and his fine reduced to $11 million, a quarter of the original. Since then, Mr. Najib has been petitioning the courts to serve the remainder of his term, which ends in 2028, at home. In November, charges of misappropriating public funds against Mr. Najib were dropped because of prosecutorial delays.
Mr. Najib's shifting legal fortunes have become a lightning rod in Malaysia.
To his critics, they are a sign of the weakness of the current prime minister, Anwar Ibrahim, who campaigned on anti-graft platform but took office only after forming an alliance with Mr. Najib's party, the United Malays National Organization. Mr. Anwar has repeatedly denied any involvement in Mr. Najib's legal cases but recently hinted at his priorities.
'I have no interest in jailing people,' Mr. Anwar said in a speech last Saturday. 'I'm interested in recovering the money so it can be returned to the people.'
Want all of The Times? Subscribe.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
19 minutes ago
- Yahoo
Wall Street reports 65% chance that U.S. will intervene in Iran—Goldman Sachs says OPEC will be key buffer in oil volatility
Rising tensions between the U.S., Iran, and Israel have fueled speculation about possible U.S. military intervention, with Wall Street reporting a 65% chance of action against Iran by July, leading to increased oil price volatility and shipping costs, especially around the critical Strait of Hormuz. However, OPEC+'s substantial spare capacity is seen as a key buffer against major supply disruptions, while the surge in oil prices has also strengthened the U.S. dollar amid global uncertainty. Questions are continuing to mount about how far tensions in the Middle East will spiral, with President Trump refusing to rule out U.S. intervention between Israel and Iran. Indeed, the rhetoric out of the White House is stoking theories that America may take military action in the Middle East, with Goldman Sachs now placing the probability as more likely than not. Overnight White House Press Secretary Karoline Leavitt suggested the Oval Office will take a view in the coming fortnight, relaying to reporters a direct message from the president: 'Based on the fact that there's a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks.' President Trump has kept spectators largely in the dark about his intentions, saying Wednesday 'I may do it … I may not. I mean, nobody knows what I'm going to do.' In a note Wednesday—published by Goldman ahead of Leavitt's announcement yesterday—commodities researchers Daan Struyven, Ephraim Sutherland and Yulia Zhestkova Grigsby wrote there is a 65% of U.S. military action against Iran by July, citing a Polymarket survey. That being said, the analysts left the chances of a U.S.-Iran deal this year at 50%. As a result, the trio write 'the term structure of implied volatility, and call skew suggest that oil markets believe that much higher prices are likely in the next few months, but see limited changes to the long term outlook.' The note seen by Fortune adds: 'Our global indices of oil shipping rates have increased over the past week as increased risks have lifted rates for Middle Eastern routes.' Per Goldman's research, the rate in U.S. dollars per barrel increased in the recent-term from $4.5 to $5.5 for clean stock and approximately $2.8 to $3.1 for dirty. The projected volatility in Middle Eastern shipping costs comes down to the Strait of Hormuz, located on the southern border of Iran. The oil flow through the strait accounts for about 20% of global petroleum liquids consumption, writes the U.S. Energy Information Administration. Iran has—in the past—threatened to close the strait in a bid to curb Western intervention into its affairs, with reports already emerging about shipping companies avoiding the waters. This, in turn, has ramifications for costs given the lag in delivery times and the use of less efficient routes. Trump's threatened intervention into Iran has gone as far as saying he knows where the nation's supreme leader, Ayatollah Ali Khamenei, is hiding. Trump posted on Truth Social on Tuesday: 'He is an easy target, but is safe there. We are not going to take him out (kill!), at least not for now.' However the conflict plays out, strategists at Macquarie expect oil prices to continue to shift over the coming weeks, writing in a note earlier this week seen by Fortune: 'We expect oil prices to remain volatile with an upward trend for the next few weeks as both Iran and Israel maintain their military intensity. 'Regardless of military or diplomatic progress, we expect Brent to rally towards the low $80 level before hitting a plateau as the perceived risk of actual oil supply disruption becomes largely discounted.' Goldman also said OPEC+ could provide a much-needed buffer amid the volatility, undoing some of the cuts it has announced previously. Reports have already surfaced that OPEC+ is considering a large production increase, with members considering potentially increasing output of 411,000 barrels a day (bpd) in July. 'While the exact magnitude is uncertain, we believe that above-average global spare capacity (worth around 4-5% of global demand) is the key buffer to Iran-only disruptions via larger-than-otherwise unwinds of OPEC+ production cuts,' added the Goldman analysts. Already the volatility has lit a fire under the U.S. dollar, which has been caught in a tug-of-war between better-than-expected inflation expectations and a flee to safety amid rising geopolitical tensions. As Antonio Ruggiero, senior FX and macro strategist at Convera wrote in a note to Fortune yesterday: 'Behind the façade of safe-haven appeal lies the true driver of the dollar's rebound: rising oil prices, now hovering near a five-month high. 'Since most global oil trades are settled in U.S. dollars, surging crude demand tends to drive additional demand for USD. This rebound in sentiment is also reflected in the options market, where—for the first time since April—traders have backed off from bearish dollar positions.' This story was originally featured on
Yahoo
34 minutes ago
- Yahoo
Canaan Inc. (CAN) Reports Record Bitcoin Production in May
Canaan Inc. (NASDAQ:CAN) is one of the 13 Crypto Stocks with the Highest Upside Potential. Canaan Inc. (NASDAQ:CAN) reported record Bitcoin production in May 2025, attaining a notable 25% month-over-month growth. The growth materialized despite the increased tariffs on the company's Malaysia-made mining machines. A close up view of a final mining equipment used in bitcoin mining. Canaan Inc. (NASDAQ:CAN) mined a record 109 Bitcoins, taking its total holdings to 1,466 bitcoins, reaching new highs in operational and installed hash rates. The growth corresponds with the rising demand for Bitcoin mining machines across the globe, along with rising Bitcoin prices. These factors bolster Canaan Inc.'s (NASDAQ:CAN) strategic focus on shareholder value and sustainable growth. In other news, the company announced the termination of a $100 million preferred share financing agreement because of market conditions, along with a $30 million stock repurchase program. Canaan Inc. (NASDAQ:CAN) is a holding company that develops and sells Bitcoin mining machines and related services. It specializes in green mining. The company also designs, researches, and sells Integrated circuits (IC) and leases mining equipment by integrating IC products for Bitcoin mining and related components in China. While we acknowledge the potential of CAN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
One chart shows an under-the-radar reason Trump's trade war could hurt US stocks
Apollo flagged a less-talked-about reason the trade war could impact the US stock market. The firm's top economist pointed to the record-high foreign ownership in US stocks. A lower US trade deficit means fewer dollars held overseas that could make their way back to US markets. The trade war could be inflationary and create headwinds to growth, but there's another reason Donald Trump's tariffs could negatively impact US stocks. Apollo Global Management's Torsten Slok pointed to the record-high ownership of US stocks among foreign investors, who own 18% of the total US equity market, according to the firm's analysis of Federal Reserve data. Check out their chart below. "This is the mirror image of a trade deficit. Foreigners selling goods to the US receive dollars in return, which are then used to purchase US assets, including US equities," Torsten Sløk, Apollo's chief economist, wrote in a note on Wednesday. "If the trade deficit is eliminated, there will be fewer dollars for foreigners to recycle into the S&P 500." Foreign investors have already shown signs that they're beginning to sour on the US market amid the turmoil around tariffs. Goldman Sachs estimated that foreign investors sold around $60 billion worth of US stocks from the start of March through late April. Most global investors, meanwhile, see international stocks as beating US peers over the next five years, according to a fund manager survey conducted by Bank of America from June 6 to June 12. In its June survey, 54% of investors said they believed international equities would be the best-performing asset, compared to just 23% who believed US equities would be the top performers. Read the original article on Business Insider