Photo via Rojak Daily
Tomorrow (July 28th) is judgement day for former Prime Minister Datuk Seri Najib Tun Razak, as he awaits the verdict of the first of his five criminal trials related to the infamous 1MDB scandal.
Najib, who turned 67 on July 23rd, faces seven charges in the case of SRC International funds adding up to RM42 million: three counts of criminal breach of trust, three counts of money-laundering and one count of abuse of power.
How did we get here? Let’s take a look back, shall we?
It all started in 2009 when then-PM Najib started a government fund meant to attract foreign investment into Malaysia, namely the 1Malaysia Development Berhad (1MDB) fund.
Not long after, rumours began to spread that Low Taek Jho a.k.a Jho Low, a Malaysian businessman close to Najib but with no official position, apparently helped set up the fund while also making key financial decisions.
Years later, the 1MDB fund eventually fell into US$11-billion in debt, fuelling the longstanding rumours of misappropriated cash.
Photo via The Edge Markets
About a quarter of what was supposed to be used for Malaysia’s economic development allegedly went into Najib’s personal bank account, as he allegedly splurged on material things for his wife, Datin Seri Rosmah Mansor.
Photo via Southeast Asia Globe
Meanwhile, Jho Low was also said to have stolen billions from the fund, using it to buy expensive property in New York City, US$8,1 million in jewellery, a glass piano for Australian model Miranda Kerr, a Picasso painting and Oscar statuette for Leonardo Di Caprio, and luxury yachts on which he hosted parties for many other celebrities.
Photo via Lifestyle
What was probably the most memorable of Jho Low’s 1MDB antics, is how he had financed Martin Scorsese’s 2013 hit film The Wolf of Wall Street, which DiCaprio starred in.
An arrest warrant is still out for Low, whose whereabouts are currently unknown.
Photo via Sinar Harian
Najib’s first trial linked to the 1MDB scandal relates to allegations that RM42 million was transferred to his bank accounts from SRC International, a former company under the fund.
Since the trial began on April 3rd, 2019, Najib has denied all wrongdoing, with his lawyers insisting he had no knowledge of the transfers, and that Jho Low is behind everything.
According to The Edge Markets, here’s what Najib’s charges mean:
3 counts of criminal breach of trust
Penalty: Maximum 20 years’ jail + whipping + a fine.
1 count of abuse of power
Penalty: Maximum 20 years’ jail + a fine of not less than five times the amount of the bribe, or RM10,000, whichever is higher.
3 counts of money laundering
Penalty: Maximum 15 years’ jail + a fine of RM5 million, or five times the amount, whichever is higher, for each charge.
Even if Najib is cleared of all charges tomorrow, he still has four more criminal proceedings to go through.
by Kyle Roshen Jacob
