🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

1MDB Trial Resumes Amid Backlash to Najib’s Stepson’s Settlement

Published 2020-05-18, 06:00 p/m
© Bloomberg. Najib Razak, Malaysia's former prime minister, center, offers prayers with his supporters as he arrives at the Kuala Lumpur Courts Complex in Kuala Lumpur, Malaysia, on Tuesday, Dec. 3, 2019. Najib is set to give his testimony to defend himself against charges of corruption involving a former 1MDB unit. Photographer: Samsul Said/Bloomberg

(Bloomberg) -- The trial of Malaysia’s former leader Najib Razak will resume on Tuesday, as a settlement deal by his stepson spurred concern over how the new government is handling the 1MDB cases.

Najib’s lawyers are set to continue questioning witnesses after the last session in March was adjourned when his defense team said they may have been exposed to the new coronavirus. Proceedings were then unable to be held as the country imposed lockdown measures that were only eased on May 4.

The trial involves 25 of the total 42 charges he faces for his alleged role in 1MDB, including accusations that he received 2.08 billion ringgit ($478 million) of bribes. He was first charged in July 2018.

Much has happened since the last time the trial was convened. Malaysia recouped an additional $300 million of funds linked to 1MDB as part of U.S. forfeiture lawsuits, amid concern that the return of Najib’s party to the government in March might impede ongoing investigations and efforts to track down assets lost from the troubled state fund.

Prime Minister Muhyiddin Yassin’s government has pledged to continue fighting corruption, even as it was met with backlash after Najib’s stepson Riza Aziz was discharged, not amounting to acquittal, last week from allegations of receiving $248.2 million from 1MDB. The agreement with Riza would see Malaysia recover $107.3 million.

The deal has sparked a dispute between the nation’s current and former top prosecutors over whether ex-Attorney General Tommy Thomas had approved the settlement before resigning in March, which he has denied. “I would have never sanctioned this deal,” Thomas said in a Monday statement.

Opposition leaders said the decision to discharge Riza gave the impression that Malaysia wasn’t serious about battling corruption, they said in a statement on Monday. The case had tarnished the country’s image on the global stage, they added.

Najib himself has repeatedly said he plans to go through the court process to clear his name.

©2020 Bloomberg L.P.

© Bloomberg. Najib Razak, Malaysia's former prime minister, center, offers prayers with his supporters as he arrives at the Kuala Lumpur Courts Complex in Kuala Lumpur, Malaysia, on Tuesday, Dec. 3, 2019. Najib is set to give his testimony to defend himself against charges of corruption involving a former 1MDB unit. Photographer: Samsul Said/Bloomberg

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.