Malaysian Ex-PM Najib Razak Got 12-Year Jail Term In Corruption Trial
Charges Include Money Laundering, Breach Of Trust And Abuse Of Power
It has been confirmed that Najib Razak got 12-year jail term sentence as he was found guilty of corruption by a court in Malaysia. The former Prime Minister of Malaysia was accused of seven counts for the corruption of several multi-million dollars, for which he pleaded not guilty. The former Malaysian Prime Minister Najib Razak got 12-year jail term for the criminal charges of money laundering, abuse of power, and breach of trust. This case regarding corruption trial is seen as an analysis of the anti-corruption efforts made by the Malaysian government.
The 1MDB scandal in Malaysia revolves around the state-owned wealth fund that has led towards the uncovering of corruption and fraud. This case has sent waves of shock through the political establishment of Malaysia, which has led towards overturning of UMNO party that has been governing the country for 61 years, which is since the independence of Malaysia.
Najib Razak got 12-year jail term as he was found guilty of abuse of power, along with 10 years for each of the 6 counts of breach of trust and money laundering, which he did while during his office term for Prime Minister from 2009 to 2018. The Judge in this case is sentenced the former PM after considering complete evidence regarding the trial after the prosecution was able to successfully prove all the charges against him. As Najib Razak does not agree with the results, he is hoping to appeal.
Accusations again the former Prime Minister of Malaysia
The verdict on Tuesday regarding Najib Razak got 12-year jail term revolves around money embezzlement of 42 million Ringgit, which has been transferred to the private account of Prime Minister from the fund due to which he has been found guilty after trial. Najib has pleaded not guilty and denies all charges, stating that he was deceived by his financial advisors, especially Jho Low. The fugitive Jho Low has been previously charged in Malaysia as well as the United States for multiple illegal activities but is able to maintain his innocence.
The defense lawyers of Najib Razak have argued that he believed the large sum of money deposited into the private bank account of former PM had been donated by the Saudi royal family rather than the illegal money transfer from the state funding. This charge alone carries the tie duration of 15 to 20 years in prison.
The 1MDB scandal
This case, after which Najib Razak got 12-year jail term centers around the 1 Malaysia Development Berhad, which is a strategic development company in Malaysia that has been set up in 2009, the year in which Najib Razak started his term in the Office. The sovereign wealth funds are investment funds that are owned by the government and are used to boost the economic development of the country. The investments include oil resource revenues and exports.
The first time questions were raised about the activities of the 1MDB was in 2015, when the company missed the due date for payments that were owned to bondholders and multiple banks. Recently, the authorities from the United States and Malaysia have accused of allegedly transferring $4.5 billion of the funds to several private bank accounts. The misplaced money was later linked to being used in buying a private jet, luxurious real estate, Monet and Van Gogh artwork, and the Wolf of Wall Street, which is a Hollywood film.
In the previous week, a United States bank Goldman Sachs has agreed to a settlement of $3.9 billion with the government of Malaysia regarding their role in this corruption scheme of multi-million dollars. This deal includes resolving charges that the bank was misleading its investors when it actually helped raise a large sum of money of $6.5 billion for the 1 Malaysia Development Berhad. Due to these issues with the government, Najib Razak got 12-year jail term after being found guilty after trial.