Malaysia launches main graft trial against Najib Razak

Kuala Lumpur: Former Malaysian Prime Minister Najib Razak appeared before court on Wednesday for the first day of the main trial launched against him for his alleged involvement in a sprawling corruption ring centred around the state’s sovereign wealth fund.
Najib, 66, faces a total of 42 charges related to the embezzlement of millions of dollars from the 1Malaysia Development Berhard (1MDB) fund that ended up in his private bank accounts, a scandal that caused the politician’s downfall in the general elections held in May.
In the trial that started Wednesday – the most significant of the court proceedings in this case so far – prosecutors charged Najib with 21 counts of money laundering and four counts of abuse of power for his alleged embezzlement of 2.28 billion ringgit (around $546 million) from the 1MDB fund.
The judge is set to rule in November whether the prosecution’s case is admitted – after which the defence would present its arguments – or it is dismissed, thus exonerating the former leader.
Najib created 1MDB in 2009, the year he rose to power, with the ostensible purpose of attracting foreign investment and creating a financial district in the country’s capital, Kuala Lumpur.
However, the fund ended up accumulating a debt of 42 billion ringgit.
Najib’s wife, as well as several businessmen and bank executives close to the former Premier, have also been caught up in the scandal and face criminal charges.
The US Justice Department had estimated that the total amount of money embezzled from the fund reached $4.5 billion (IANS)