Latest news with #1MalaysiaDevelopmentBerhad
8 hours ago
- Business
Malaysian court drops money laundering charges against jailed ex-leader Najib Razak
KUALA LUMPUR, Malaysia -- 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.
New Indian Express
13 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.
The Star
13-06-2025
- Business
- The Star
Over RM4mil in 1MDB-linked funds in Swiss bank account recovered by MACC
PETALING JAYA: Over RM4mil traced to a Swiss bank account and linked to the embezzlement of 1Malaysia Development Berhad (1MDB) funds was successfully recovered recently by the Malaysian Anti-Corruption Commission (MACC). The commission said in a statement on Friday (June 13) that the sum of USD954,299.58 found in a BSI bank account was returned to the Malaysian government. The MACC said the forfeiture was granted by High Court judge Muniandy Kannyappan on learning from the prosecution that no objections or claims were made by any party in relation to the funds during proceedings at the Kuala Lumpur High Court on Friday. The commission said judge Muniandy allowed the funds, which were in a bank account registered in the name of Derivale Limited and named one Azlin bin Alias as the beneficiary, to be forfeited to the Malaysian government through the MACC. The forfeiture was made under Section 56 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA 2001). The case was also the MACC's first success in recovering overseas assets without resorting to the process of prosecution. Follow us on our official WhatsApp channel for breaking news alerts and key updates!
New Straits Times
13-06-2025
- Business
- New Straits Times
RM4.5mil in 1MDB-linked assets forfeited to Malaysian government
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has secured the forfeiture of US$954,299.58 (RM4.5 million) from a Swiss bank account linked to the 1Malaysia Development Berhad (1MDB) scandal. In a statement today, MACC said the forfeiture was granted by High Court Judge Muniandy Kannyappan after the Deputy Public Prosecutor informed the court that no objections or third-party claims were filed during proceedings at the High Court in Kuala Lumpur. "The judge allowed the funds — held in a BSI Bank account under the name Derivale Limited, with Azlin bin Alias listed as the beneficiary — to be forfeited to the Malaysian government," the statement read. The forfeiture was made under Section 56 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA 2001). "This marks MACC's first successful overseas asset recovery through forfeiture without involving prosecution," it added.
Straits Times
08-06-2025
- Politics
- Straits Times
Malaysian political cartoonist's travel ban stirs anger, but police call it a mistake
– The Malaysian government faced accusations of stifling dissent after a June 7 Facebook post by popular local political cartoonist Fahmi Reza Mohd Zarin, saying he had been banned from leaving the country. Backbench MPs, analysts and the public said the ban was unwarranted. But on June 8, the police claimed it was a mistake, caused by 'procedural confusion' in placing him on an observation list. Prime Minister Anwar Ibrahim ordered the police to provide an explanation, stating that the government 'respects personal freedom, provided it does not compromise national security or violate any existing laws'. In his Facebook post, Mr Fahmi said he was stopped at immigration at Kuala Lumpur International Airport while on his way to Singapore to see his favourite punk rock band. He claimed an immigration officer told him that Bukit Aman – the Malaysian police headquarters – had prohibited him from travelling abroad. 'I asked, 'Why?'' Mr Fahmi wrote on Facebook. 'The immigration officer replied, 'You need to ask Bukit Aman'. 'What's my offence? 'Only the Bukit Aman police and the Malaysian government can answer'.' His post garnered more than 19,000 reactions, 6,400 comments and 3,300 shares on June 8. Malaysia's police chief Razarudin Husain said Mr Fahmi was not subject to a travel ban, but he is under surveillance as part of an ongoing investigation. No details on the investigation were given. 'There was a confusion during the checkpoint verification process on June 7, which led to the erroneous issuance of a travel ban. The situation is currently under review and appropriate measures will be taken to update the relevant procedures,' Tan Sri Razarudin said in a statement . Mr Fahmi was dissatisfied with the police statement and said he will initiate legal action against the government. 'I did not see any officials dare to be responsible for their error to block my personal freedom of movement... Now it's time for the people to drag the authority into the court,' the activist said. In 2016, Mr Fahmi rose to prominence after caricaturing then Prime Minister Najib Razak as a 'sinister clown' in connection with the multi-billion-dollar 1Malaysia Development Berhad (1MDB) scandal. He was charged with the improper use of network facilities with the intent to offend and annoy others. In July 2019, he was fined RM10,000 (S$3,030). In December 2024, Mr Fahmi was arrested and probed for ridiculing incoming Sabah governor Musa Aman as ' No 1 Corrupter' in a n artwork that depicted him with a RM100 note in place of his tongue. Tun Musa was accused of being involved in a US$63 million (S$81 million) timber kickback scheme during his tenure as Sabah chief minister from 2003 to 2018. But the charges against him were withdrawn in June 2020, causing widespread criticism. On May 29, 2025, the Sabah state government, which has the immigration autonomy , denied Mr Fahmi entry into the state – without giving an explanation. On Mr Fahmi's Facebook post about being denied freedom of travel, Asian Studies professor James Chin of Tasmania University described the Malaysian government's move as authoritarian. 'Silencing dissent and cracking down on political satire is not a national security matter – it's an excuse. Blocking someone from travelling over criticism is authoritarian, plain and simple. 'People are starting to see no real difference between Madani and Barisan Nasional (BN), and it's becoming clearer by the day,' Dr Chin penned in a Facebook post on June 7. Madani refers to Datuk Seri Anwar's slogan for civilised society under his administration. Before coming to federal power in May 2018, the Anwar-led Pakatan Harapan criticised the then-BN government for imposing travel bans on dissidents – most notably political cartoonist Zulkifli Anwar Ulhaque, who goes by the pen name Zunar; then-MP Tony Pua and Miss Maria Chin Abdullah, then chairwoman of the Bersih electoral reform group. Democratic Action Party (DAP) MP Syahredzan Johan stated that a travel ban cannot be imposed without strong justification. Mr Syahredzan, a lawyer who represented Mr Fahmi in the Najib caricature case, noted that the cartoonist had been allowed to travel abroad during the legal proceedings and had always cooperated with the authorities when required. 'If the travel ban is due to an ongoing investigation, such action is unnecessary, as Mr Fahmi is not a flight risk,' the DAP national vice-chairman said in a statement on June 8. Lu Wei Hoong is Malaysia correspondent at The Straits Times, specialising in transport and politics. Join ST's Telegram channel and get the latest breaking news delivered to you.
