KUALA LUMPUR - Former Malaysian prime minister Najib Razak was found guilty on all seven corruption charges in his first 1Malaysian Development Bhd (1MDB) graft trial on Tuesday (28/7).
“After considering all evidence in this trial, I find that the prosecution has successfully proven its case beyond a reasonable doubt,” said Kuala Lumpur High Court Judge Mohamad Nazlan Mohamad Ghazali.
As reported by Reuters, Najib faced seven charges of criminal breach of trust, money laundering, and abuse of power for allegedly illegally receiving almost US$10 million from SRC International Sdn Bhd, a former 1MDB unit.
In addition, Najib still faces numerous criminal charges related to the allegation that US$4.5 billion was stolen from 1MDB. It is alleged that over US$1 billion of the funds was transferred into his personal bank accounts.
According to The Edge Markets, following the verdict, the Kuala Lumpur Composite Index (KLCI)—the primary index of Bursa Malaysia (Malaysia Stock Exchange)—gained 0.7% or 11.14 points to 1,602.62 at 12.30 local time, with trading volume recorded at 7.48 billion shares valued at RM 4.41 billion (US$1.038 billion).
Investigations into the 1MDB scandal were reopened by Mahathir Mohamad, whose Pakatan Harapan (Alliance of Hope) coalition defeated Najib’s United Malays National Organization (UMNO) in the 2018 general election.
However, UMNO has been returned to power since February as part of a coalition led by Muhyiddin Yasin, who was appointed as Prime Minister by Yang di-Pertuan Agong Abdullah in March following Mr Mohamad’s resignation.
Najib’s guilty verdict comes amid the ongoing Malaysian political crisis, which started earlier this year, and could potentially damage Mr Yasin’s governing coalition. (MS)