Former Malaysian prime minister Najib Razak will on Tuesday face the first verdict in a series of criminal trials against him over billions of dollars allegedly stolen from 1Malaysia Development Bhd (1MDB), a state fund he co-founded in 2009.
FILE PHOTO: Malaysia's former Prime Minister Najib Razak speaks during an interview with Reuters in Kuala Lumpur, Malaysia March 4, 2020. REUTERS/Lim Huey Teng1MDB was a sovereign fund set up in 2009 with the help of Malaysian financier Jho Low to promote economic development.1MDB raised billions of dollars in bonds for use in investment projects and joint ventures between 2009 and 2013.
Some of the money was allegedly used to finance Hollywood films including 2013’s “The Wolf of Wall Street”, produced by Red Granite, a film company co-founded by Najib’s stepson, Riza Aziz. Najib, voted out in a 2018 election amid public anger over the scandal, has plead not guilty to 42 criminal charges over losses at 1MDB and other state entities.
Najib’s wife, Rosmah Mansor, has also been charged with money laundering and bribery. She has pleaded not guilty.At least six countries, including Singapore and Switzerland, have launched money laundering, financial mismanagement and criminal investigations into 1MDB dealings.
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