Najib pleads not guilty to three charges of money-laundering

Lamar Ellis
August 8, 2018

The former leader was arrested and charged last month with three counts of criminal breach of trust and one count of abuse of power following a probe into SRC International.

Malaysia's new government is probing allegations that billions of dollars were looted from state fund 1MDB, which was set up by Mr Najib, in a sophisticated fraud.

Najib Razak leaves the court complex after pleading not guilty to three additional charges of money laundering. Each of those charges has a maximum penalty of 20 years in prison.

The charges were read out in a Sessions Court in Kuala Lumpur and the case is now being transferred to the High Court, where Najib is expect to enter a plea for each of the charges later on Wednesday.

On the three charges, Najib is alleged to have received RM27 million, RM5 million and RM10 million, respectively, which were proceeds from unlawful activities, via Real Time Electronic Transfer of Funds and Securities (Rentas) into two AmIslamic Bank Berhad accounts of his bearing the numbers 2112022011880 and 2112022011906.

The three new charges bring the total number against Najib so far to seven.

The money laundering offence carries a possible jail term of up to 15 years and a fine of not less than five times the value of the proceeds of any illegal transfers, or 5 million ringgit, whichever is the higher.

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He also plead not guilty to those charges.

Earlier, Najib arrived at the courthouse in a four-car motorcade accompanied by his children.

Lawsuits filed by the D.O.J. estimate $4.5 billion was misappropriated from 1MDB.

Najib and his wife Rosmah Mansor led a life of luxury, allegedly funded by stolen public money, that came to symbolize the rot in an elite that had ruled the country uninterrupted since Malaysia's independence from Britain in 1957.

Lawsuits filed in United States courts by the DOJ allege that an estimated US$4.5 billion was misappropriated from 1MDB by high-level officials of the fund and their associates. 1MDB is being investigated by at least six countries including Singapore, Switzerland and the US.

Here's a detailed look at the scandal.

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