Malaysian ex-PM Najib convicted in 1MDB scandal

KUALA LUMPUR: Former Malaysian leader Najib Razak was sentenced on Tuesday to 12 years in jail on corruption charges linked to the multi-billion-dollar 1MDB scandal that led to the downfall of his government two years ago.

The ex-prime minister was also fined almost $50 million after being convicted on all seven charges in the first of several trials related to the looting of the 1Malaysia Development Berhad sovereign wealth fund.

The 67-year-old is challenging the verdict and will be allowed to remain free on continued bail until a lengthy appeals process is complete.

Billions of dollars were stolen from Malaysia’s main state investment vehicle and spent on everything from high-end real estate to pricey art. Investment bank Goldman Sachs also became embroiled in the scandal and faces a series of hefty fines in both the US and Malaysia as a result.

Anger at the looting played a large part in the shock loss of Najib’s long-ruling coalition at elections in 2018, and he was arrested and hit with dozens of charges following his defeat.

The verdict was welcomed as a boost for Malaysia’s rule of law and came despite Najib’s political allies returning to power earlier this as part of a coalition.

Judge Mohamad Nazlan Mohamad Ghazali at Kuala Lumpur’s High Court found Najib guilty on seven charges regarding the transfer of 42 million ringgit ($9.9 million) from a former 1MDB unit to his bank accounts.

The blue-blood politician, whose father and uncle were both former Malaysian prime ministers, had vehemently denied any wrongdoing and looked calm as the verdict was handed down.