![\"\"](\"http:\/\/en.bornomalanews.com\/wp-content\/uploads\/2018\/08\/121739Nazib_Rajjak-300x187.jpg\")
International desk: Malaysia\u2019s former prime minister Najib Razak was hit with new charges Wednesday linked to a multi-billion-dollar financial scandal that contributed to his shock election defeat in May.<\/p>\nInternational desk: Malaysia\u2019s former prime minister Najib Razak was hit with new charges Wednesday linked to a multi-billion-dollar financial scandal that contributed to his shock election defeat in May.<\/p>\n
Looking tired as he appeared in court, Najib was charged with three counts of money-laundering over claims he pocketed 42 million ringgit ($10.3 million). He faces up to 15 years in jail for each charge.<\/p>\n
These are in addition to the charges he faced last month after he was first arrested \u2014 three for criminal breach of trust and a separate count that he abused his position to take the money. He faces up to 20 years in jail for each of those charges.<\/p>\n
Malaysia\u2019s new government is probing allegations that billions of dollars were looted from state fund 1MDB, which was set up by Najib, in a sophisticated fraud.<\/p>\n
Allegations of massive corruption were a major factor behind the electoral earthquake in May that toppled Najib\u2019s long-ruling coalition and ushered in a reformist alliance headed by his 93-year-old former mentor Mahathir Mohamad.<\/p>\n
In a packed Kuala Lumpur courtroom, the three new charges were read out to Najib. Asked if he understood the charges, Najib responded: \u201cI understand\u201d.<\/p>\n
His case was being transferred to another court for a plea to be taken. He previously denied the other four charges against him.<\/p>\n
All the charges relate to SRC International, an energy company that was originally a subsidiary of 1MDB.<\/p>\n
According to an investigation by the Wall Street Journal, about $10 million originating from SRC was transferred to Najib\u2019s personal bank accounts, a fraction of the hundreds of millions of dollars from 1MDB that was allegedly funnelled to him.<\/p>\n
Najib and the fund deny any wrongdoing.<\/p>\n
Najib and his allies are accused of plundering billions of dollars from 1MDB to buy everything from US real estate to artworks.<\/p>\n
The US Justice Department, which is seeking to recover items allegedly bought with stolen 1MDB cash in America, estimates that $4.5 billion in total was looted from 1MDB.<\/p>\n
Investigations into 1MDB have been moving swiftly. On Tuesday, a luxury yacht allegedly paid for with money stolen from 1MDB arrived outside Kuala Lumpur after being handed over by Indonesian authorities.<\/p>\n","protected":false},"excerpt":{"rendered":"
International desk: Malaysia\u2019s former prime minister Najib Razak was hit with new charges Wednesday linked to a multi-billion-dollar financial scandal that contributed to his shock election defeat in May. Looking tired as he appeared in court, Najib was charged with three counts of money-laundering over claims he pocketed 42 million ringgit ($10.3 million). He faces […]<\/p>\n","protected":false},"author":7,"featured_media":46314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,14],"tags":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n