Former Malaysian PM Najib Razak charged with money laundering, power abuse

9/21/2018 - 8:23:21 AM

Former Malaysian Prime Minister Najib Razak was charged on September 20 with money laundering and abuse of power in connection to the case of the state investment fund 1Malaysia Development Berhad (1MDB).

Former Malaysian Prime Minister Najib Razak (Photo: upi.com)

The charges include four counts of abuse of power, involving in 2.3 billion ringgit (556.3 million USD), and 21 counts of money laundering.

Najib, 65, has denied all the charges.

The Malaysia Anti-Corruption Commission (MACC) arrested Najib on September 19 for new corruption charges related to 1MDB.

Najib was arrested on July 3 for corruption-related charges over his involvement in the multi-billion-dollar 1MBD scandal. He was later released on bail.

He was charged with three counts of criminal breach of trust in his former posts as a prime minister and minister of finance, in association with the transfer of 42 million ringgit, or 10 million USD, from SRC International Sdn Bhd to his personal bank accounts between August 2011 and March 2015. He also faced one count of corruption.

Najib was later charged with three other counts of money laundering, bringing the total number of counts he has been prosecuted to seven. He has pleaded not guilty to the charges.

Najib founded the 1MDB investment fund in 2009, supposedly to serve Malaysia’s development through global partnerships and foreign direct investment.

However, it became the centre of a money laundering scandal, allegedly causing losses of up to 3.7 billion USD and leading to probes into the financial markets in several countries such as the US, Switzerland, Singapore, Malaysia and China.

From the raids on several of Najib’s properties in Kuala Lumpur, police seized valuables worth up to 273 million USD.

Najib will go on trial on February 12, 2019. The trial will run from February 12 to March 29, 2019. If convicted, he will face multi-year prison sentences.

Source: VNA

Optimistic signals of the world economy

The world economy has overcome a challenging year, but has proven more resilient than expected. The Financial Times (UK) commented that 2023 was a positive year for the world economy as the economic surprise index collated by Citigroup shew that actual data have underwhelmed economists’ predictions for much of the past months. These economic trends are the basis for optimism about the world economy in 2024.

Laos announces theme, logo of ASEAN Chairmanship 2024

Laos has announced the theme and logo for its the Chairmanship of the Association of Southeast Asian Nations (ASEAN) in 2024.

Vietnam elected Vice President of UNESCO General Conference

Vietnam was elected a Vice President of the 42nd session of the UNESCO’s General Conference, representing the Asia-Pacific, on November 8.

Safe and responsible use of AI promoted

Since the "blockbuster" ChatGPT was launched a year ago, the prospects for the development of artificial intelligence (AI), as well as concerns about the risks from this technology, have become hot topics in the technology world.

Successfully completing the training program to improve the capacity of implementing the Government’s policy in Korea

(HBO) - From September 12 - 23, in Seoul, South Korea, the Korea International Cooperation Agency (KOICA) organized a training program under the project "Supporting the Academy of Journalism and Communication to improve the the capacity of implementing the Govermmment’s policy” in phase 2 with the coordination and the coordination of Hyundai Research Institute (HRI).

KOICA fellowship programme 2023 opens in Republic of Korea

(HBO) – The Korea International Cooperation Agency (KOICA) opened a fellowship programme in Seoul on September 13 under Phase 2 of a project that helps Vietnam’s Academy of Journalism and Communication (AJC) enhance its capacity of implementing government policies.