A Malaysian court pronounced former Prime Minister Najib Razak guilty Tuesday in his first corruption trial over the multibillion-dollar looting of the 1MDB investment fund
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Analysts said the ruling would bolster the prosecution’s case in Najib’s other trials and would signal to the business community Malaysia’s legal system has strength in tackling international financial crimes. A scion of one of Malaysia’s most prominent political families, he faces 42 charges in five separate trials and could face years in prison. Najib's lawyers asked the judge for a delay until next week before they made their arguments on sentencing.
“The conviction would serve as a solid foundation for the prosecution in ensuing IMDB-related trials,” said Oh Ei Sun, a senior fellow with Singapore’s Institute of International Affairs. Najib shortly after taking office in 2009 set up 1MDB to ostensibly accelerate Malaysia’s economic development. Najib’s s first trial began in April 2019 over seven charges related to the transfer of 42 million ringgit from SRC International, a former 1MDB unit, into his bank accounts through intermediary companies. Najib was accused of using his position to receive a bribe for approving a government guarantee for billions in loans to SRC, committing criminal breach of trust and accepting proceeds from unlawful activities.
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