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techkenyot.com August 15, 2018


Malaysia's ex-PM Najib pleads not guilty to money laundering

10 August 2018, 09:28 | Glen Norman

Malaysia's ex-PM Najib pleads not guilty to money laundering

Former prime minister Datuk Seri Najib Razak arrives at the Kuala Lumpur Court Complex

This morning, 65-year-old Najib pleaded not guilty to three counts of money laundering offences related to RM42 million that was the transferred from 1Malaysia Development Bhd's ex-subsidiary SRC International Sdn Bhd.

The charges - which Najib denies - relate to three transfers totalling 42m ringgit (US$10m) into his bank accounts from SRC International, a former unit of the 1MDB fund that United States investigators say was looted of billions by Najib's associates.

Najib arrived at the courthouse in a four-car motorcade accompanied by his children.

Razak was barred from leaving the country and the case was reopened after he lost the elections to his former mentor Mahathir Mohamad on May 9.

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Najib claimed trial to all three charges against him read out before High Court judge Datuk Azman Abdullah.

On July 4, Najib was charged with three counts of criminal breach of trust and one count of using his position for gratification as part of a probe into money missing from 1MDB.

Tan Sri Irwan was removed from his post and that of 1MDB chairman after Najib was ousted. He expects a similar display of support outside the high court on Wednesday.

Yesterday, he was summoned to the office of the Malaysian Anti-Corruption Commission (MACC), a day before his pre-trial hearing in court.

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About 30 supporters were gathered outside the court, shouting, "Hidup Najib" (Long live Najib).

Najib has consistently denied any wrongdoing, maintaining that those funds were donations from a Saudi royal, and that the bulk of them had been given back.

The US Justice Department, which is seeking to recover items allegedly bought with stolen 1MDB cash in America, estimates that Dollars 4.5 billion in total was looted from 1MDB.

Najib and his allies are accused of plundering billions of dollars from 1MDB to buy everything from U.S. real estate to artworks.

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The prosecution was filed under Section 4 (1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001 which provides for the penalty under Section 4 (1) of the same act. Malaysian financier Low Taek Jho (better known as Jho Low) allegedly bought the yacht using funds stolen from 1MDB.



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