Former Malaysian first lady guilty a week after Najib jailed
Malaysian former first lady Rosmah Mansor has been ordered to serve 10 years in prison after being found guilty of soliciting and receiving bribes during her husband’s corruption-tainted administration, a week after he was imprisoned over the massive looting of the 1MDB state fund.
Malaysia ex-PM's wife ordered to make defense in graft trial
The court Thursday ordered Rosmah to enter her defense in a corruption trial linked to a 1.25 billion ringgit ($310 million) solar energy project. (AP Photo/Vincent Thian)KUALA LUMPUR – A Malaysian court Thursday ordered the wife of ex-Prime Minister Najib Razak to enter her defense in a corruption trial linked to a 1.25 billion ringgit ($310 million) solar energy project. Najib, who was there to show support, rubbed her shoulders to console his wife after the judgment before leaving for his own graft trial in another courtroom. Last July, Najib was found guilty in his first graft trial linked to the 1MDB scandal. The aide testified Rosmah was feared by civil servants and requests from her department were often swiftly carried out.
Goldman Sachs subsidiary pleads to US charges in 1MDB probe
Goldman Sachs Malaysia entered the plea in federal court in Brooklyn. The penalties also include roughly $600 million in profits Goldman made off the 1MDB scandal that it will have to disgorge. Goldman Sachs' board of directors decided to claw back pay and bonuses from top executives, including current CEO David Solomon and former CEO Lloyd Blankfein. Two Goldman Sachs executives have also been personally charged for fraud. The Department of Justice bought similar charges against Low Taek Jho, a Malaysian national with close relations to the then Malaysian ruling party who was the central player in the 1MDB fund.
Malaysian ex-PM Najib arrives in court for graft verdict
KUALA LUMPUR Ex-Malaysian Prime Minister Najib Razak arrived at court Tuesday for a verdict in the first of several corruption trials linked to the multibillion-dollar looting of the 1MDB state investment fund. Whatever the decision in the High Court tomorrow, it does not end here ... after this, we will go to the Court of Appeal. Najib set up 1MDB shortly after becoming prime minister in 2009 to ostensibly accelerate Malaysias economic development. Najibs lawyers said Low used the donation as a guise to keep Najib from being suspicious of his plundering of the 1MDB fund. Prosecutors argued Najib was the real power behind 1MDB and SRC, and called the Arab donation manufactured evidence to cover up his tracks.
Graft verdict for Malaysia ex-leader a test of rule of law
This decision is a test of the independence of Malaysias political institutions and the rule of law in a country that has seen this fraying in recent months, said Bridget Welsh, honorary research associate at University of Nottingham Malaysia. Muhyiddin was fired as Najib's deputy in 2016 for speaking out on the 1MDB scandal but is now beholden to Najibs party for its support. Najibs party is the biggest bloc in the current Malay nationalist alliance, which was formed in March after a political coup by Muhyiddins party toppled the former reformist government. Another senior member of Najib's party was also freed after prosecutors dropped 46 corruption charges against him. Najib's wife and several officials from his party and previous government have been charged with graft as well.
Malaysia denies media harassment in row over Al-Jazeera film
KUALA LUMPUR Malaysia has denied it was clamping down on social media after an outcry over an announcement that all video production must be licensed amid a row with news broadcaster Al-Jazeera. Communications Minister Saifuddin Abdullah sparked confusion Thursday after saying every film and video, including those produced by media groups and social media users, must comply with a 1981 Film Act that requires licensing. Many Malaysians and opposition lawmakers criticized Saifuddins announcement that could potentially affect videos produced on popular social media platforms such as Tik Tok, Facebook and Instagram. Over 80% of Malaysias 32 million population are social media users. Police also questioned an activist about a social media post alleging mistreatment of refugees at immigration detention centers.
Goldman Sachs in $3.9B settlement with Malaysia over 1MDB
KUALA LUMPUR Goldman Sachs has reached a $3.9B settlement with Malaysia over the 1MDB sovereign wealth fund that was used to launder money. Malaysian and U.S. prosecutors had alleged that bond sales organized by Goldman Sachs for 1MDB provided one of the means for associates of former Malaysian leader Najib Razak to steal billions over several years from a fund that was ostensibly set up to accelerate Malaysias economic development. Najib was arrested as part of the scandal. Two former Goldman Sachs bankers have been charged for their role in helping 1MDB launder money. Goldman on Friday said it had agreed to pay the government of Malaysia $2.5 billion and to guarantee that it gets at least $1.4 billion in proceeds from assets that have since been seized around the globe.
Malaysia PM wins tests of support, ousts house speaker
KUALA LUMPUR Malaysian Prime Minister Muhyiddin Yassin narrowly won a motion to boot the parliament speaker Monday, scraping through the first test of his support nearly five months after taking power. Its success could thwart the opposition's bid of a no-confidence vote against Muhyiddin, analysts said. Lawmakers engaged in heated debates over Muhyiddins unprecedented proposal to replace the house speaker with his own candidate. Then Prime Minister Mahathir Mohamad resigned in protest of the plan, and filed a motion of no-confidence against his former party ally. Chin said the speaker replacement suggested parliament cannot act as an effective check and balance against Muhyiddin.
Malaysia's ex-PM to hear verdict in 1st graft case in July
Former Malaysian Prime Minister Najib Razak wearing a face mask arrives at court house in Kuala Lumpur, Malaysia, Thursday, June 4, 2020. Closing arguments are expected in the first corruption trial of him linked to the multibillion-dollar looting of the 1MDB state investment fund. The High Court set July 28 to deliver its verdict that will be closely watched as Najibs Malay political party is reviving its fortunes. Prosecutors argued Najib was the real power behind 1MDB and SRC as premier and finance minister at the time. Sithambaram said the change in Malaysia's government didn't affect the prosecution's case and that there was no order for them to back off against Najib.
Alleged Malaysian fraudster settles with US for $700 million
A yacht named Tranquility was part of the lavish lifestyle Jho Low was accused of building for his family and friends through fraud, prosecutors said. WASHINGTON, D.C. - The alleged mastermind of a multibillion dollar corruption scandal that rocked Malaysia has struck a $700 million deal with the US government to end a legal case against him. The scandal helped bring down former Malaysian Prime Minister Najib Razak, who was also hit with dozens of corruption-related charges in the case. Low has been identified by some as the alleged mastermind of the embezzlement, a charge he has strongly denied. Other legal cases related to the fund are still ongoing in the US, Malaysia and other jurisdictions.
Top Goldman Sachs banker among 17 charged in 1MDB scandal
CNNMoney(CNN) - Malaysia filed criminal charges against 17 current and former Goldman Sachs employees on Friday, including the bank's top international executive. Among those charged Friday was Richard Gnodde, the CEO of Goldman Sachs International. Malaysia has accused Goldman Sachs and some of its bankers of misleading investors about the bond sales and fraudulently diverting $2.7 billion of the proceeds. Goldman Sachs and some of its employees have been central figures in the case. Malaysia last year charged Goldman Sachs and four individuals, two of them former Goldman employees, with what authorities called "grave violations" of Malaysia's securities laws.