Latest news with #1MDB-linked
New Indian Express
3 hours ago
- Business
- New Indian Express
Malaysian court drops money laundering charges against jailed ex-PM Najib Razak
KUALA LUMPUR: A Malaysian court dropped three money laundering charges against jailed former Prime Minister Najib Razak on Friday, in a case linked to the multibillion-dollar looting of a state fund. Najib was previously convicted in a graft case tied to the 1Malaysia Development Berhad state fund, or 1MBD, and began serving time in 2022, after losing his final appeal. He also faces other graft trials. The High Court's decision to drop the charges alleging Najib received 27 million ringgit ($6.3 million) in illegal proceeds to his bank accounts came after procedural delays by the prosecution, which saw the case dragging on for six years, Najib's lawyer Muhammad Shafee Abdullah said. Prosecutors could not give the court a timeline for when they will be ready for the trial, he added. Prosecutors reserve the right to revive charges against Najib and a discharge does not mean an acquittal, Shafee said. But, Najib was happy and can now focus on the main 1MDB trial, he added. Najib set up 1MDB shortly after taking power in 2009. Investigators allege that more than $4.5 billion was stolen from the fund and laundered by his associates to finance Hollywood films and extravagant purchases. The scandal upended Najib's government and he was defeated in the 2018 election. Last November, the High Court also discharged Najib and the former treasury chief in another 1MDB-linked corruption case after repeated delays by the prosecution. The pair can still be charged for the same offence in the future. In 2023, Najib was acquitted on separate charges of tampering with a government audit into 1MDB. Najib was sentenced to 12 years in jail in his first graft trial but the sentence was halved by the Pardon Boards in 2024. Najib alleged the board had issued a home arrest order for him to complete his sentence at home, but the case is still being heard in court. Najib awaits his verdict in another key case that ties him directly to the 1MDB scandal, which has prompted investigations in the US and several other countries. The defense in May closed their case on four charges of abuse of power to obtain over $700 million from 1MDB that went into Najib's bank accounts, and 21 counts of money laundering involving the same amount. Closing arguments are scheduled in October, after which the court will set a date for verdict.
Time of India
3 hours ago
- Business
- Time of India
Malaysian court drops money laundering charges against jailed ex-leader Najib Razak
KUALA LUMPUR: A Malaysian court dropped three money laundering charges against jailed former Prime Minister Najib Razak on Friday, in a case linked to the multibillion-dollar looting of a state fund. Tired of too many ads? go ad free now Najib was previously convicted in a graft case tied to the 1Malaysia development Berhad state fund, or 1MBD, and began serving time in 2022, after losing his final appeal. He also faces other graft trials. The High Court's decision to drop the charges alleging Najib received 27 million ringgit ($6.3 million) in illegal proceeds to his bank accounts came after procedural delays by the prosecution, which saw the case dragging on for six years, Najib's lawyer Muhammad Shafee Abdullah said. Prosecutors could not give the court a timeline for when they will be ready for the trial, he added. Prosecutors reserve the right to revive charges against Najib and a discharge does not mean an acquittal, Shafee said. But, Najib was happy and can now focus on the main 1MDB trial, he added. Najib set up 1MDB shortly after taking power in 2009. Investigators allege that more than $4.5 billion was stolen from the fund and laundered by his associates to finance Hollywood films and extravagant purchases. The scandal upended Najib's government and he was defeated in the 2018 election. Last November, the High Court also discharged Najib and the former treasury chief in another 1MDB-linked corruption case after repeated delays by the prosecution. The pair can still be charged for the same offence in the future. In 2023, Najib was acquitted on separate charges of tampering with a government audit into 1MDB. Najib was sentenced to 12 years in jail in his first graft trial but the sentence was halved by the pardon boards in 2024. Tired of too many ads? go ad free now Najib alleged the board had issued a home arrest order for him to complete his sentence at home, but the case is still being heard in court. Najib awaits his verdict in another key case that ties him directly to the 1MDB scandal, which has prompted investigations in the US and several other countries. The defence in May closed their case on four charges of abuse of power to obtain over $700 million from 1MDB that went into Najib's bank accounts, and 21 counts of money laundering involving the same amount. Closing arguments are scheduled in October, after which the court will set a date for verdict.
San Francisco Chronicle
4 hours ago
- Business
- San Francisco Chronicle
Malaysian court drops money laundering charges against jailed ex-leader Najib Razak
KUALA LUMPUR, Malaysia (AP) — A Malaysian court dropped three money laundering charges against jailed former Prime Minister Najib Razak on Friday, in a case linked to the multibillion-dollar looting of a state fund. Najib was previously convicted in a graft case tied to the 1Malaysia Development Berhad state fund, or 1MBD, and began serving time in 2022, after losing his final appeal. He also faces other graft trials. The High Court's decision to drop the charges alleging Najib received 27 million ringgit ($6.3 million) in illegal proceeds to his bank accounts came after procedural delays by the prosecution, which saw the case dragging on for six years, Najib's lawyer Muhammad Shafee Abdullah said. Prosecutors could not give the court a timeline for when they will be ready for the trial, he added. Prosecutors reserve the right to revive charges against Najib and a discharge does not mean an acquittal, Shafee said. But, Najib was happy and can now focus on the main 1MDB trial, he added. Najib set up 1MDB shortly after taking power in 2009. Investigators allege that more than $4.5 billion was stolen from the fund and laundered by his associates to finance Hollywood films and extravagant purchases. The scandal upended Najib's government and he was defeated in the 2018 election. Last November, the High Court also discharged Najib and the former treasury chief in another 1MDB-linked corruption case after repeated delays by the prosecution. The pair can still be charged for the same offence in the future. In 2023, Najib was acquitted on separate charges of tampering with a government audit into 1MDB. Najib was sentenced to 12 years in jail in his first graft trial but the sentence was halved by the Pardon Boards in 2024. Najib alleged the board had issued a home arrest order for him to complete his sentence at home, but the case is still being heard in court. Najib awaits his verdict in another key case that ties him directly to the 1MDB scandal, which has prompted investigations in the U.S. and several other countries. The defense in May closed their case on four charges of abuse of power to obtain over $700 million from 1MDB that went into Najib's bank accounts, and 21 counts of money laundering involving the same amount. Closing arguments are scheduled in October, after which the court will set a date for verdict.
Winnipeg Free Press
4 hours ago
- Business
- Winnipeg Free Press
Malaysian court drops money laundering charges against jailed ex-leader Najib Razak
KUALA LUMPUR, Malaysia (AP) — A Malaysian court dropped three money laundering charges against jailed former Prime Minister Najib Razak on Friday, in a case linked to the multibillion-dollar looting of a state fund. Najib was previously convicted in a graft case tied to the 1Malaysia Development Berhad state fund, or 1MBD, and began serving time in 2022, after losing his final appeal. He also faces other graft trials. The High Court's decision to drop the charges alleging Najib received 27 million ringgit ($6.3 million) in illegal proceeds to his bank accounts came after procedural delays by the prosecution, which saw the case dragging on for six years, Najib's lawyer Muhammad Shafee Abdullah said. Prosecutors could not give the court a timeline for when they will be ready for the trial, he added. Prosecutors reserve the right to revive charges against Najib and a discharge does not mean an acquittal, Shafee said. But, Najib was happy and can now focus on the main 1MDB trial, he added. Najib set up 1MDB shortly after taking power in 2009. Investigators allege that more than $4.5 billion was stolen from the fund and laundered by his associates to finance Hollywood films and extravagant purchases. The scandal upended Najib's government and he was defeated in the 2018 election. Last November, the High Court also discharged Najib and the former treasury chief in another 1MDB-linked corruption case after repeated delays by the prosecution. The pair can still be charged for the same offence in the future. In 2023, Najib was acquitted on separate charges of tampering with a government audit into 1MDB. Najib was sentenced to 12 years in jail in his first graft trial but the sentence was halved by the Pardon Boards in 2024. Najib alleged the board had issued a home arrest order for him to complete his sentence at home, but the case is still being heard in court. Monday Mornings The latest local business news and a lookahead to the coming week. Najib awaits his verdict in another key case that ties him directly to the 1MDB scandal, which has prompted investigations in the U.S. and several other countries. The defense in May closed their case on four charges of abuse of power to obtain over $700 million from 1MDB that went into Najib's bank accounts, and 21 counts of money laundering involving the same amount. Closing arguments are scheduled in October, after which the court will set a date for verdict.
The Advertiser
6 hours ago
- Business
- The Advertiser
Malaysia drops corruption charges against ex-PM Najib
Malaysia's High Court has discharged but not acquitted jailed former Prime Minister Najib Razak of money laundering charges in a long-running case involving a former unit of scandal-tainted state fund 1MDB. Najib has been in prison since August 2022 after being found guilty of corruption and money laundering over funds misappropriated from SRC International, a former subsidiary of 1Malaysia Development Berhad. Malaysian and US authorities say about $A6.9 billion was stolen in a complex, globe-spanning scheme. Najib was also facing three separate money laundering charges over 27 million ringgit allegedly misappropriated from SRC. The case had repeatedly stalled since 2019 due to procedural delays, prompting the Kuala Lumpur High Court to grant Najib's request for a discharge not amounting to an acquittal, his lawyer Muhammad Shafee Abdullah told reporters. The lawyer said the decision was a fair one, as the prosecution remained free to re-file the charges once they were ready to proceed. "So (Najib) isn't left waiting or as they say, no longer has the sword of Damocles hanging over his head," he said. Friday's decision was the second time 1MDB-linked charges filed against Najib have been dropped. Last year, a court allowed another discharge without aquittal request due to procedural delays in a corruption case against the ex-premier and the country's former treasury chief. In 2023, he was acquitted on separate charges of tampering with a government audit into 1MDB. Najib is still awaiting a verdict in the biggest trial he faces over the 1MDB scandal, with the court expected to hear closing arguments in October. He has denied all of the charges brought against him. Najib is also bidding to serve the remainder of his prison sentence under house arrest. Malaysia's High Court has discharged but not acquitted jailed former Prime Minister Najib Razak of money laundering charges in a long-running case involving a former unit of scandal-tainted state fund 1MDB. Najib has been in prison since August 2022 after being found guilty of corruption and money laundering over funds misappropriated from SRC International, a former subsidiary of 1Malaysia Development Berhad. Malaysian and US authorities say about $A6.9 billion was stolen in a complex, globe-spanning scheme. Najib was also facing three separate money laundering charges over 27 million ringgit allegedly misappropriated from SRC. The case had repeatedly stalled since 2019 due to procedural delays, prompting the Kuala Lumpur High Court to grant Najib's request for a discharge not amounting to an acquittal, his lawyer Muhammad Shafee Abdullah told reporters. The lawyer said the decision was a fair one, as the prosecution remained free to re-file the charges once they were ready to proceed. "So (Najib) isn't left waiting or as they say, no longer has the sword of Damocles hanging over his head," he said. Friday's decision was the second time 1MDB-linked charges filed against Najib have been dropped. Last year, a court allowed another discharge without aquittal request due to procedural delays in a corruption case against the ex-premier and the country's former treasury chief. In 2023, he was acquitted on separate charges of tampering with a government audit into 1MDB. Najib is still awaiting a verdict in the biggest trial he faces over the 1MDB scandal, with the court expected to hear closing arguments in October. He has denied all of the charges brought against him. Najib is also bidding to serve the remainder of his prison sentence under house arrest. Malaysia's High Court has discharged but not acquitted jailed former Prime Minister Najib Razak of money laundering charges in a long-running case involving a former unit of scandal-tainted state fund 1MDB. Najib has been in prison since August 2022 after being found guilty of corruption and money laundering over funds misappropriated from SRC International, a former subsidiary of 1Malaysia Development Berhad. Malaysian and US authorities say about $A6.9 billion was stolen in a complex, globe-spanning scheme. Najib was also facing three separate money laundering charges over 27 million ringgit allegedly misappropriated from SRC. The case had repeatedly stalled since 2019 due to procedural delays, prompting the Kuala Lumpur High Court to grant Najib's request for a discharge not amounting to an acquittal, his lawyer Muhammad Shafee Abdullah told reporters. The lawyer said the decision was a fair one, as the prosecution remained free to re-file the charges once they were ready to proceed. "So (Najib) isn't left waiting or as they say, no longer has the sword of Damocles hanging over his head," he said. Friday's decision was the second time 1MDB-linked charges filed against Najib have been dropped. Last year, a court allowed another discharge without aquittal request due to procedural delays in a corruption case against the ex-premier and the country's former treasury chief. In 2023, he was acquitted on separate charges of tampering with a government audit into 1MDB. Najib is still awaiting a verdict in the biggest trial he faces over the 1MDB scandal, with the court expected to hear closing arguments in October. He has denied all of the charges brought against him. Najib is also bidding to serve the remainder of his prison sentence under house arrest. Malaysia's High Court has discharged but not acquitted jailed former Prime Minister Najib Razak of money laundering charges in a long-running case involving a former unit of scandal-tainted state fund 1MDB. Najib has been in prison since August 2022 after being found guilty of corruption and money laundering over funds misappropriated from SRC International, a former subsidiary of 1Malaysia Development Berhad. Malaysian and US authorities say about $A6.9 billion was stolen in a complex, globe-spanning scheme. Najib was also facing three separate money laundering charges over 27 million ringgit allegedly misappropriated from SRC. The case had repeatedly stalled since 2019 due to procedural delays, prompting the Kuala Lumpur High Court to grant Najib's request for a discharge not amounting to an acquittal, his lawyer Muhammad Shafee Abdullah told reporters. The lawyer said the decision was a fair one, as the prosecution remained free to re-file the charges once they were ready to proceed. "So (Najib) isn't left waiting or as they say, no longer has the sword of Damocles hanging over his head," he said. Friday's decision was the second time 1MDB-linked charges filed against Najib have been dropped. Last year, a court allowed another discharge without aquittal request due to procedural delays in a corruption case against the ex-premier and the country's former treasury chief. In 2023, he was acquitted on separate charges of tampering with a government audit into 1MDB. Najib is still awaiting a verdict in the biggest trial he faces over the 1MDB scandal, with the court expected to hear closing arguments in October. He has denied all of the charges brought against him. Najib is also bidding to serve the remainder of his prison sentence under house arrest.
