Wednesday, 19 September 2018
Latest news
Main » Malaysia's Najib pleads not guilty to money laundering as charges pile up

Malaysia's Najib pleads not guilty to money laundering as charges pile up

10 August 2018

Malaysia's former prime minister Najib Razak smiles as he leaves Duta court complex in Kuala Lumpur on Wednesday.

The money laundering charges come a month after he claimed trial to three charges of criminal breach of trust and one charge of abuse of power at the High Court.

The new charges allege 42 million ringgit stemming from illegal activities was transferred to a bank account between December 2014 and February 2015.

According to an investigation by the Wall Street Journal, about $10 million originating from SRC was transferred to Najib's personal bank accounts, a fraction of the hundreds of millions of dollars from 1MDB that was allegedly funnelled to him.

Each of the three money-laundering charges carried a maximum sentence of 15 years in prison and a fine of up to five times of the ill-gotten wealth.

More news: The British Open sent a $154,000 payout to the wrong Tommy Fleetwood

Razak was barred from leaving the country and the case was reopened after he lost the elections to his former mentor Mahathir Mohamad on May 9.

Lokman rallied a group of about 50 supporters outside of MACC headquarters last month to protest as Najib was brought in to be arrested.

The anti-graft agency said in a statement on Tuesday (Aug 7) that the former Prime Minister had returned to assist their investigation into SRC International Sdn Bhd.

High Court Judge Mohamad Nazlan Mohd Ghazali said a decision on when the trial begins, and on the gag order, would be made on Friday.

Najib Razak, who says he is not guilty of any wrongdoing, again pleaded not guilty in the face of new money laundering charges today.

More news: Japanese automakers Suzuki, Mazda and Yamaha admit using false emissions data

1MDB was set up by Najib in 2009 to spur Malaysia's economic development.

SRC, created in 2011 by Najib's government to pursue overseas investment in energy resources, was a unit of 1MDB until it was moved to the finance ministry in 2012.

In July, the police said they had seized $225 million in luxury handbags, jewellery, cash and goods from six properties linked to the former leader.

He's accused of stealing more than $13 million from a state investment fund, just part of the $4.5 billion U.S. investigators claim was siphoned from the fund known as 1MDB.

More news: Kris Aquino dazzles in yellow at 'Crazy Rich Asians' premiere in Hollywood

Malaysia's Najib pleads not guilty to money laundering as charges pile up