Malaysian court drops money laundering charges against jailed ex-leader Najib Razak
KUALA LUMPUR, Malaysia (AP) — A Malaysian court dropped three money laundering charges against jailed former Prime Minister Najib Razak on Friday, in a case linked to the multibillion-dollar looting of a state fund.
Najib was previously convicted in a graft case tied to the 1Malaysia Development Berhad state fund, or 1MBD, and began serving time in 2022, after losing his final appeal. He also faces other graft trials.
The High Court's decision to drop the charges alleging Najib received 27 million ringgit ($6.3 million) in illegal proceeds to his bank accounts came after procedural delays by the prosecution, which saw the case dragging on for six years, Najib's lawyer Muhammad Shafee Abdullah said. Prosecutors could not give the court a timeline for when they will be ready for the trial, he added.
Prosecutors reserve the right to revive charges against Najib and a discharge does not mean an acquittal, Shafee said. But, Najib was happy and can now focus on the main 1MDB trial, he added.
Najib set up 1MDB shortly after taking power in 2009. Investigators allege that more than $4.5 billion was stolen from the fund and laundered by his associates to finance Hollywood films and extravagant purchases. The scandal upended Najib's government and he was defeated in the 2018 election.
Last November, the High Court also discharged Najib and the former treasury chief in another 1MDB-linked corruption case after repeated delays by the prosecution. The pair can still be charged for the same offence in the future. In 2023, Najib was acquitted on separate charges of tampering with a government audit into 1MDB.
Najib was sentenced to 12 years in jail in his first graft trial but the sentence was halved by the Pardon Boards in 2024. Najib alleged the board had issued a home arrest order for him to complete his sentence at home, but the case is still being heard in court.
Najib awaits his verdict in another key case that ties him directly to the 1MDB scandal, which has prompted investigations in the U.S. and several other countries.
The defense in May closed their case on four charges of abuse of power to obtain over $700 million from 1MDB that went into Najib's bank accounts, and 21 counts of money laundering involving the same amount. Closing arguments are scheduled in October, after which the court will set a date for verdict.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Entrepreneur
an hour ago
- Entrepreneur
Sambhav Steels Among 5 Upcoming IPOs, SEBI Eases ESOP Rules Ahead of Busy Listing Week
The Indian IPO landscape is set to record a busy week, with five new IPOs hitting the market, Sambhv Steel Tubes Limited's initial public offer (IPO) of equity shares will debut on June 25 and SEBI issues ESOP reforms. Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Sambhv Steel Tubes Limited's initial public offer (IPO) of equity shares will debut on June 25. According to the company, the total offer size is INR 540 crore, comprising fresh issues of up to INR 440 crore and an offer for sale (OFS) component of up to INR 100 crore, by the promoters selling shares. Bidding for anchor investors is set for June 24. The price band of the IPO is set at INR 77-82 per equity share, with bids to be made for a minimum of 182 equity shares and in multiples of 182 equity shares thereafter. The company said in a release that the net proceeds from the fresh issue of equity shares will be used towards pre-payment or scheduled repayment of a portion of outstanding borrowings, and the remaining amount will go toward corporate expenses. The IPO also consists of the Employee Reservation Portion, with a discount of INR 4 per equity share being offered for eligible employees. (Nuvama Wealth Management Limited and Motilal Oswal Investment Advisors Limited are the Book Running Lead Managers (BRLMs) to the Issue. SEBI issues ESOP reforms Market regulator Securities and Exchange Board of India recently rolled out ESOP reforms, especially relaxed rules that allow unexercised options to be retained post-listing Roma Priya, Founder, Burgeon Law, believes that the SEBI's decision to allow startup founders to hold ESOPs granted up to a year prior to listing represents a pivotal shift in how India views founder incentives in the public markets. For many years, the regulatory structure inadvertently discouraged long-term founder alignment by excluding them from key benefit structures during IPO preparation. This move is not only poised to correct the said imbalance but also sends a strong signal of regulatory maturity and startup sensitivity. "From a strategic lens, this reform strengthens the startup ecosystem's transition from private to public markets by reinforcing founder retention, reducing post-IPO churn, and making listing a more viable aspiration for younger companies. Having worked closely with hundreds of growth-stage founders, I believe this will directly encourage more startups to start preparing for public exits early, with stronger governance, cap table clarity, and structured ESOP planning as part of that journey, " said Priya. Buzzing IPO Week The Indian IPO landscape is set to record a busy week, with five new IPOs hitting the market, with the surge following a steady build-up in investor enthusiasm, reflecting the ongoing appetite for fresh equity offerings. "Market sentiment remains broadly constructive, driven by improving macroeconomic indicators, favorable liquidity conditions, and increasing participation from both institutional and retail investors. The strong performance of recent listings continues to bolster confidence and encourage broader engagement in the primary market," said Bajaj Broking in its weekly IPO lookout. The stockbroking company said that the upcoming IPOs are offering investors a mix of diverse sector opportunities, which is further reinforcing the depth and vibrancy of India's capital markets. Bajaj Broking predicts that the primary market could well surpass expectations for the first half of FY26.
Yahoo
2 hours ago
- Yahoo
Penang has enough land to meet industrial demand for next 15 years, CM says amid RM13b in Q1 investments
GEORGE TOWN, June 20 — Penang has sufficient land to meet industrial needs in the state for the next 10 to 15 years, according to Penang Chief Minister Chow Kon Yeow. He said today there was a perception that the state is short of industrial lands but in reality, the state still has lands that can be developed for use. 'Land is not an issue, currently, we have about 809.4 hectares (2,000 acres) of land in the pipeline in varying stages of completion,' he told reporters after launching the Penang Industrial Masterplan 2030 at Eastin Hotel here. He said the Batu Kawan industrial park that is about 404.7 hectares (1,000 acres) took about 15 years to be developed since 2008. Chow said the demand for industrial land was also not that high. 'On average, about 40.47 hectares of land are needed in a year,' he said. So the 809.4 ha of land will take a long time to be filled up, he added. He explained industrial lands do not only refer to new lands but included those being reclaimed, under request for proposal process and several other development stages before it can be used. He said not all new investments require new lands, as some are reinvestments by existing plants that are merely adding new facilities in the remaining sites of their plants. 'There were also other investors such as from China who prefer to start operations as soon as possible,' he said. He said these group of investors will buy existing unused plants or lease it from the previous owner. Additionally, he said there are private developers that are constructing new factories to be sold or leased to investors. 'So, not all investors need new lands, there are so many different types of investments that contribute to the state's economy,' he said. When asked about the revenue recorded by the state as a result of the sale of industrial lands, he said the revenue generated was minimum as it was not the state's main focus. 'What's important is the value of investments being brought in,' he said. He said in the first quarter of this year, Penang recorded investments totalling RM13 billion. Meanwhile, on the industrial masterplan, Chow said it is the way forward for the state to transform the state's industrial sector and strengthen its position as the Silicon Valley of the East. He said the masterplan considered important infrastructure projects such as the Penang International Airport expansion and development of a green and smart technology hub for the electrical and electronic sector.
Bloomberg
2 hours ago
- Bloomberg
Why Kenyans Are Back on the Streets: Protests, Corruption, and a Crisis of Trust
A year since deadly protests against the Kenyan government saw more than 60 people killed, Kenyans are again taking to the streets to protest police brutality. These protests, triggered by the death of a kenyan activist in police custody, come as the IMF arrive in the country to assess Kenya's attempts to tackle corruption. On this week's episode East Africa Bureau Chief Helen Nyambura joins Jennifer Zabasajja to discuss what's behind these new protests, and whether President Ruto can actually tackle corruption and do a deal with the IMF to turn the economy around. For more stories from the region, subscribe to the Next Africa newsletter here
