A court in Malaysia has sentenced former PM Najib Razak to 12 years in jail after finding him guilty on all seven counts in the first of several multi-million dollar corruption trials. Najib had pleaded not guilty to the charges of criminal breach of trust, money laundering and abuse of power.
Daily Current Affairs Quiz 2020
Key-Points
1Malaysia Development Berhad (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Minister of Finance (Incorporated).
It was founded in 2009 by Malaysia’s former Prime Minister Najib Razak founded as a platform to bring foreign investment to the country and promote long-term economic development.
Since 2015, the company has been under heavy scrutiny for its suspicious money transactions and evidence pointing to money laundering, fraud, and theft.
In 2012, American banking giant Goldman Sachs was roped in to raise investments, and over $6.5 billion was raised in the following year. The firm charged $600 million in fees for its services, and billions were allegedly pocketed by Razak and members of his inner circle.
In 2015, Malaysia’s then-Prime Minister Najib Razak was accused of channelling over RM 2.67 billion from 1Malaysia Development Berhad (1MDB) to his personal bank accounts.
