Malaysian ex-PM Najib given 12 years in jail in 1MDB scandal
On Tuesday, former Malaysian Prime Minister Najib Razak was found guilty in the first of several corruption trials. The former PM allegedly played a role in the multibillion-dollar looting of the 1MDB state investment fund. Razak will serve 12 years in prison in accordance with the conviction. The jail time is made up of one count of abuse of power, three counts of criminal breach of trust, and three counts of money laundering.
After Razak took office in 2009, he initiated and set up 1MDB to accelerate Malaysia’s economic development and promote the economy. However, the fund accumulated billions in debt instead. US investigators have reported that roughly $4.5 billion was stolen from it and laundered by Razak and his associates. More than $700 million ended up in Razak’s bank accounts, while the remaining laundered money was re-invested into hotels, yachts, artwork, and jewelry.