Malaysian ex-PM Najib goes to jail for graft after losing final appeal

Author of the article: KUALA LUMPUR — Malaysia’s top court ordered former prime minister Najib Razak to begin a 12-year prison sentence on Tuesday after upholding a guilty conviction on charges related to a multi-billion dollar graft scandal at state fund 1Malaysia Development Berhad (1MDB). The Federal Court ruling caps the stunning downfall of Najib,…
Malaysian ex-PM Najib goes to jail for graft after losing final appeal

Author of the article:

KUALA LUMPUR — Malaysia’s top court ordered former prime minister Najib Razak to begin a 12-year prison sentence on Tuesday after upholding a guilty conviction on charges related to a multi-billion dollar graft scandal at state fund 1Malaysia Development Berhad (1MDB).

The Federal Court ruling caps the stunning downfall of Najib, who until four years ago governed Malaysia with an iron grip and suppressed local investigations of the 1MDB scandal that has implicated financial institutions and high-ranking officials worldwide.

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Prosecutors have said some $4.5 billion was stolen from 1MDB – co-founded by Najib during his first year as prime minister in 2009. Investigators say they had traced more than $1 billion of 1MDB money to accounts linked to Najib.

Najib, wearing a dark suit and tie, sat in the dock as the verdict was read out. His wife, Rosmah Mansor, and three children were seated behind him.

Security officials then gathered around the bespectacled former premier and he was later seen leaving court in a black car with police escort.

A court official and sources close to Najib said he was taken to Kajang Prison, about 40 km away from Kuala Lumpur.

“This is unprecedented. Najib will be remembered for his many firsts, the first prime minister to lose a general election, the first to be convicted,” said Adib Zalkapli, Director at political risk consultancy BowerGroupAsia.

The British-educated son of Malay nobility held the premiership from 2009 to 2018, when public anger over the graft scandal brought election defeat, and dozens of corruption charges were lodged in following months.

Najib, 69, was found guilty by a lower court in July 2020 of criminal breach of trust, abuse of power and money laundering for illegally receiving about $10 million from SRC International, a former unit of 1MDB. He had been out on bail pending appeals.

The former premier, who had pleaded not guilty, was sentenced to 12 years’ jail and a 210 million ringgit ($46.84 million) fine.

The wide-ranging 1MDB scandal prompted the U.S. Department of Justice to open what became its biggest kleptocracy investigation.

LUXURY ASSETS

Various recipients of the siphoned 1MDB funds, including a fugitive financier named Jho Low, used the money to buy luxury assets and real estate, a Picasso painting, a private jet, a superyacht, hotels, jewelry, and to finance the 2013 Hollywood film “The Wolf of Wall Street,” U.S. lawsuits have said.

Knocking back Najib’s final appeal, the court also denied his request for a stay of sentence.

“The defense is so inherently inconsistent and incredible that it has not raised reasonable doubt on the case… We also find that the sentence imposed is not manifestly excessive,” Chief Justice Tengku Maimun Tuan Mat said.

The panel of judges had unanimously dismissed Najib’s appeals, she said.

The court had earlier rejected a last gasp effort by Najib to forestall the final verdict by requesting the removal of the chief justice from the panel.

Addressing the court moments before the final verdict was delivered, Najib said he was the victim of injustice, while asking for another two months for his new lawyers to prepare his appeal.

“It’s the worst feeling to have to realize that the might of the judiciary is pinned against me in the most unfair manner,” Najib told the court.

Najib, who faces several more trials over the allegations, has consistently denied wrongdoing.

He could apply for a review of the Federal Court decision, though such applications are rarely successful. He can also seek a pardon from the king. If successful, he could be released without serving the full 12-year term.

But the conviction means Najib will lose his parliamentary seat and cannot contest elections.

While Najib still has supporters among his base, many ordinary Malaysians welcomed the court decision.

“He did a lot of things wrong for this country when he’s supposed to be responsible for our nation. He’s supposed to bring in money but instead he robbed money,” said tennis coach Farhan Raj, adding he was “very very happy” with the judgment. (Reporting by Rozanna Latiff; additional reporting by Zahra Matarani; Writing by A. Ananthalakshmi; Editing by Simon Cameron-Moore and Nick Macfie)

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
South Korea warns of action over won’s plunge
Read More

South Korea warns of action over won’s plunge

Author of the article: SEOUL — A senior South Korean official warned of action on Thursday if the won moved on speculative bets, local media reported, two days after the currency tumbled to its weakest in more than 13 years against the U.S. dollar. “The authorities would take action in a timely manner if herd…
Ukraine Update: Another Attempt to Evacuate Besieged Mariupol
Read More

Ukraine Update: Another Attempt to Evacuate Besieged Mariupol

Author of the article: Bloomberg News Bloomberg News Bloomberg News (Bloomberg) — Ukraine President Volodymyr Zelenskiy says talks with Moscow show signs of becoming more substantive, and one of his top advisers said that “continuous” discussions with Russia are under way by video. Russia said convoys of military aid from the West are “legitimate targets”…
Fed’s Evans sees ‘brisk pace’ for balance sheet runoff
Read More

Fed’s Evans sees ‘brisk pace’ for balance sheet runoff

Author of the article: Chicago Federal Reserve President Charles Evans said on Thursday he supports starting to trim the U.S. central bank’s nearly $9 trillion balance sheet “relatively quickly” and favors a “pretty brisk pace” for the coming runoff. Fed Chair Jerome Powell said this week that the central bank will begin paring its balance…
New Zealand’s inflation hits 3-decade high, raising bets on sharper rate hikes
Read More

New Zealand’s inflation hits 3-decade high, raising bets on sharper rate hikes

Author of the article: WELLINGTON — New Zealand’s consumer prices rose at their fastest pace in three decades, beating forecasts and raising the prospect of an unprecedented 75 basis point interest rate hike at the central bank’s policy meeting next month. The consumer price index (CPI) increased 7.3% in the second quarter, speeding up from…