Former Malaysia Prime Minister Najib Razak was found guilty of crimes involving the looting of a state investment fund, Tuesday, July 28.
READ MORE: Former Malaysian Prime Minister Najib Razak was convicted Tuesday of seven criminal charges in connection with the looting of state-owned 1MDB (1Malaysia Development Berhad) investment fund.
Kuala Lumpur High Court Judge Mohamad Nazlan Mohamad Ghazali ruled the 67-year-old ex-prime minister guilty of abuse of power, breach of trust and money laundering. Prosecutors accused Najib for illegally receiving nearly $10 million from SRC International, a former unit of 1MDB. He faces up to 20 years in jail on each of the charges, but has vowed to appeal.
Najib claims he was misled by Malaysian financier Jho Low and other rogue 1MDB officials into believing the money deposited into his personal accounts was donated by the Saudi royal family.
Najib faces as many as 42 charges involved with the embezzlement of up to $4.5 billion from 1MDB, which he created in 2009 to spur Malaysia’s economic development. U.S. investigators say the missing money was used to buy hotels, luxury items such as a yacht, jewelry and classic artwork, and to finance the 2013 Hollywood feature film The Wolf of Wall Street. Investigators say as much as $1 billion ended up in Najib’s personal accounts.