Najib Razak: Former Malaysian Prime Minister charged with three counts of money laundering
Kuala Lumpur, Aug 8 (IBNS): Former Malaysian Prime Minister Najib Razak has been changed with three counts of money laundering pertaining to the 1MDB corruption scandal, reports said on Wednesday.
According to reports, Najib is said to have siphoned at least USD 10 million from 1MDB, the state fund he set up during his tenure.
The former Prime Minister was arrested last month and has been charged with breach of trust and abuse of power.
The investigations were re-initiated after Razak conceded defeat to his once mentor Mahathir Mohammed, earlier this year.
However, he has always pleaded not guilty.
1MDB was meant to turn Kuala Lumpur, the capital, into a financial hub, but received negative reactions in 2015 after defaulting payments worth USD 11 billions it owed to banks and other shareholders.
While Najib has maintained that he isn't part of any foulplay, the Wall Street Journal (WSJ) had reported that it had seen a paper trail that traced close to USD 700 million from IMDB to the former Prime Minister's personal bank accounts.
Prime Minister Mahathir during his campaign had promised to open the investigations against Najib if voted to power. According to political commentators, this played a key role in the former's win in the general election, which took place a few months ago.
After the investigations were re-opened, police recovered millions in luxury goods and cash, following multiple raids across Najib and his wife's properties.
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