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Latest News – Ex-Malaysian PM Najib Razak charged with money laundering

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Ex-Malaysian PM Najib Razak charged with money laundering

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Aug. 7 (UPI) — Former Malaysian Prime Minister Najib Razak was charged with three counts of money laundering Wednesday in relation over alleged links to multibillion-dollar state fund scandal.

Razak didn’t enter a plea to the three new charges under the anti-money-laundering act, which are related to SRC International, a former subsidiary of the 1Malaysia Development Berhad state development fund, the South China Morning Post reported.

Each of the new charges carry a maximum sentence of 15 years in jail and a fine.

On Dec. 26, 2014 Razak received two transfers of $6.6 million and $1.2 million to two different accounts at AmIslamic Bank Bhd, the first two charges allege. The third charge alleges he received an additional $2.4 million from illegal activities on Feb. 10, 2015, Bloomberg reported.

Razak was arrested by anti-corruption officials on July 3 and charged with three counts of criminal breach of trust and one count of abuse of power.

He pleaded not guilty to the first set of charges, which each carry a maximum 20-year jail sentence.

Razak set up the 1MDB fund in 2009 to assist in transforming Kuala Lumpur into a financial hub and boost the economy through strategic investments, but it missed payments for $11 billion it owed to banks and bondholders in early 2015.

Billions of dollars are missing from the 1MDB fund, which was set up by the former prime minister and since losing re-election in May he has been under investigation and banned from leaving Malaysia.

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