Former Malaysian Prime Minister Najib Razak returned to court for the second day of his high-profile corruption trial in Kuala Lumpur on April 15, with the former PM accused of plundering large sums of money from sovereign wealth fund 1MDB.
Former Malaysian Prime Minister Najib Razak (Source: AFP)
Hanoi (VNA) - Former Malaysian Prime MinisterNajib Razak returned to court for the second day of his high-profile corruptiontrial in Kuala Lumpur on April 15, with the former PM accused of plunderinglarge sums of money from sovereign wealth fund 1MDB.
During the first day of trial on April 3, Najib faced sevencharges including abuse of power, corruption and money laundering.
According to prosecutors, the former PM and his cronies stolebillions of US dollars from 1MDB and spent it on everything from high-end realestate to artworks and a luxury yacht.
Since the general election 2018 that led to the victory of PrimeMinister Mahathir Mohamad, Najib has been charged with 48 counts, mostlyinvolving the 1MDB fund and other State institutions. However, he rejected allconvictions regarding 1MDB, saying that they are politically motivated.
1MDB was founded by Nazib in 2009 to promote Malaysia’ssocio-economic development via global partnerships and foreign directinvestment.
According to the US Department of Justice, which isinvestigating the 1MDB controversy, the total money looted from the fund could amountto 4.5 billion USD.-VNA
A Malaysian court declined to grant bail on January 7 to Ng Chong Hwa, former leader of the US’ Goldman Sachs multinational investment bank, who faces charges related to suspected money laundering of funds siphoned off from Malaysia's State investment fund 1Malaysia Development Berhad (1MDB).
Malaysia on January 29 announced a five-year plan to intensify control over corruption in Government agencies after a multi-billion-USD graft scandal brought down the previous administration.
Malaysian prosecutors said on March 18 that they would summon representatives of two units of US Investment Bank Goldman Sachs in London and Hong Kong to appear at a June hearing of a case linked to corruption in state investment fund 1MDB.
After several delays, Malaysia finally opened the trial on April 3 for former Prime Minister Najib Razak, who faces corruption charges relevant to the scandal at the state investment fund 1Malaysia Development Berhad (1MDB).
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Former Malaysian Prime Minister Najib Razak (Source: AFP) 
