The Investment Whisperer
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Investment Whisperer

World

Malaysia cuts prison sentence of disgraced former Prime Minister Najib Razak

by admin February 3, 2024
February 3, 2024
Malaysia cuts prison sentence of disgraced former Prime Minister Najib Razak

Malaysia has cut former Prime Minister Najib Razak’s 12-year prison sentence for corruption in half, according to authorities in the Southeast Asian country.

Najib, who served as prime minister from 2009 to 2018, was found guilty of money laundering, abuse of power and other charges in 2020 related to the 1MDB scandal, which saw billions of dollars of taxpayers’ money embezzled out of Malaysia.

In a statement Friday, the country’s Federal Territories Pardon Board said the former leader’s application to shorten his prison sentence to six years had been approved.

Najib’s fine has also been reduced to 50 million ringgit ($10.6 million), but his sentence will be extended by a year if he does not pay it in full before his new scheduled release date of August 23, 2028, the board added.

Najib has consistently denied wrongdoing, but Malaysia’s High Court rejected multiple appeals against his convictions on charges related to the onetime sovereign wealth fund, which prosecutors alleged he and his allies used as a personal piggybank to support luxurious lifestyles and fund electioneering.

The 1MDB fund was created soon after Najib took office in 2009. The government pumped billions in public money into it, with the stated purpose of leading “market-driven initiatives to assist the government in propelling Malaysia towards becoming a developed nation that is highly competitive, sustainable and inclusive.”

Instead, according to United States prosecutors, 1MDB was used as a slush fund by Najib and other high-ranking officials at the fund.

Goldman Sachs, which underwrote much of the 1MDB fund and was facing a host of criminal and regulatory proceedings in Malaysia, agreed to a $3.9 billion settlement with the country’s government in 2020.

This post appeared first on cnn.com

0
FacebookTwitterGoogle +Pinterest
previous post
Spanish region of Catalonia declares drought emergency
next post
U.S. economy added 353,000 jobs in January, much better than expected

Related Posts

Netflix removes Indian movie about Brahmin chef cooking...

January 17, 2024

Young Thai activist’s death in detention after 65-day...

May 17, 2024

Israeli and Syrian official hold rare direct talks,...

May 17, 2025

Israel is testing out flooding the Hamas tunnels....

December 16, 2023

Concern grows for detained journalist awarded by US...

October 3, 2024

Webb telescope captures never-before-seen glimpse of the heart...

November 21, 2023

Jamaica’s ‘crocodile guardian’ is fighting to save the...

June 11, 2025

‘Very dangerous’: Zelensky on Trump’s claim he could...

January 22, 2024

Schoolboy, 10, killed in new China stabbing attack...

September 19, 2024

Hostages released from Gaza detail sexual violence as...

July 9, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (1,482)
    • Investing (3,788)
    • Politics (5,077)
    • World (4,762)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheInvestmentWhisperer.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 TheInvestmentWhisperer.com | All Rights Reserved