Malaysian prosecutors have hit disgraced former Prime Minister Datuk Seri Najib Razak with 25 new charges related to his alleged embezzlement of $681 million from 1MDB, the government's sovereign wealth fund.
The new complaints means Najib now faces a total of 32 charges in the embezzlement scandal, which was one of the main reasons for his election defeat last May to new Prime Minister Mahathir Mohamad.
Prosecutors charged Najib with four counts of corruption and 21 counts of money laundering during an appearance at the Sessions Court in Jalan Duta on Sept. 20, one day after he was arrested for a third time. Najib pleaded not guilty to the new charges.
Najib posted $242,000 for his bail, while $606,000 will be settled in instalments by next week. The $848,000 in total bail will cover 25 counts of money laundering and abuse of power charges in relation to 1MDB.
Najib's court problems began July 3 when he was arrested by the Malaysian Anti-Corruption Commission (MACC), which was investigating how $10.6 million went from SRC International into Najib;s bank account.
The charges filed against Najib on July 4 included three counts of criminal breach of trust and one count of abuse of power in connection with SRC International funds. Najib posted bail after pleading not guilty. His trial set for February 18, 2019.
The ex-PM is accused of diverting $681 million dollars from 1MDB fund into his personal bank account. He has always claimed the money was a donation from the Saudi Royal Family.
Since his electoral defeat, Najib has been barred from leaving Malaysia. He's also been interrogated by MACC along with his wife, Rosmah Mansor. Police also seized nearly $275 million in cash, jewelry and luxury handbags in raids on properties owned by Najib.
1MDB or 1Malaysia Development Berhad is a strategic development company wholly owned by the Malaysian government. It was established by Najib when he took power in 2009 to drive strategic initiatives for Malaysia's long-term economic development and promote foreign direct investments.
After leaked documents exposed the scandal and his key role, Najib fired critics in his government; gaged the media and suppressed investigations into 1MDB. Mahathirs's new government, however, reopened investigations dismissed by Najib. These new investigations subsequently led to Najib's arrest on July 3.
Prior to this, or in June, the Royal Malaysia Police (PDRM) seized a horde of jewelry and other valuables sfrom six of Najib's properties during a series of raids.
PDRM said the valuables and cash seized from Razak and his wife have an estimated value of $273 million. It said the seizure of valuables is the largest of its kind in Malaysian history.
