Former Malaysian prime minister Najib Razak was charged on Wednesday (Aug 8) with three counts of money laundering as part of a probe into money missing from state fund 1Malaysia Development Berhad (1MDB).
The charges, read out in court, were related to transfers of RM42 million (US$10.3 million) from SRC International, a former 1MDB unit, into Najib’s personal bank account.
Najib pleaded not guilty to the charges and was also granted bail. The judge transferred the case to the high court to be heard later on Wednesday, along with previous charges.
The court heard that Najib had on three occasions received fund transfers of several million dollars.
According to the updated charge sheet, Najib committed corporate breach of trust over funds totalling RM27 million during the time period from Dec 24, 2014, and Dec 29, 2014.
During the same period, he also committed corporate breach of trust of RM5 million.
Additionally, from Feb 10, 2015 to Mar 2, 2015, Najib is also alleged to have committed corporate breach of trust over a further RM10 million.
If convicted of the charges, Najib faces up to 20 years in jail, caning, and a fine.
The RM1 million bail set for Najib for his criminal breach of trust and abuse of power charges has been extended to his money laundering charges as well.
