Malaysia's Najib found guilty over 1MDB graft

KUALA LUMPUR, Malaysia－Former Malaysian prime minister Najib Razak was convicted on Tuesday of crimes involving the multibillion-dollar looting of 1MDB, a state investment fund, that brought down his government in a shock election ouster two years ago.

Najib was calm and stone-faced as he became the first Malaysian leader convicted. He has vowed to appeal the verdict that could bring many years in prison.

The ruling in the first of his five corruption trials relating to the fund came five months after Najib's ethnic Malay-based party returned to government as the biggest bloc in an alliance that took power from the reformist government that ousted Najib's in 2018.

Analysts said the ruling would bolster the prosecution's case in Najib's other trials and signal to the business community that Malaysia's legal system has strength in tackling international financial crimes. But others cautioned the ruling could be overturned and that his political party remains in office, The Associated Press said.

"I find the accused guilty and convict the accused of all seven charges," Judge Mohamad Nazlan Ghazali said after spending two hours reading out an elaborate ruling.

After the court resumed in the afternoon, Najib's lawyers argued for a light sentence. The defense said it was "crippled" by the judge's refusal to delay the sentencing arguments until next week. Prosecutors said the case had "tarnished the country's image as a kleptocracy" and sought a deterrent sentence to remind those in high public office that "no one is above the law".

Some of Najib's supporters outside the courthouse cried when they learned of the verdict while others chanted "free bossku" and "long live bossku". The nickname meaning "my boss" was coined for Najib in his social media campaign to reinvent himself as a working-class leader.

Najib, 67, faces between 15 and 20 years' jail plus hefty fines for each of the seven charges and has vowed to fight to the end. He has said he was misled by rogue bankers and the case against him is political.

"I want justice. I want to clear my name," he wrote on Facebook late on Monday. "After this, we will go to the Court of Appeal. I am ready."

A scion of one of Malaysia's most prominent political families, he faces 42 charges in the five separate trials.

$4.5 billion stolen

The current trial involved a charge of abuse of power, three charges of criminal breach of trust and three money laundering charges involving the transfer of 42 million ringgit ($9.8 million) from SRC International, a former 1MDB unit, into Najib's bank accounts.

The judge agreed with prosecutors that Najib had "overarching control" of SRC, failed to rebut the allegations against him and that prosecutors had established beyond reasonable doubt that Najib misappropriated money for his own use.

Najib's father and uncle were Malaysia's second and third prime ministers. Shortly after he took office in 2009, he set up 1MDB to accelerate Malaysia's economic development.

But the fund accumulated billions in debt, and US investigators allege that at least $4.5 billion was stolen from it and laundered by Najib's associates to finance Hollywood films and buy hotels, a luxury yacht, artwork, jewelry and other extravagances. More than $700 million from the fund allegedly landed in Najib's bank accounts.

Agencies Via Xinhua