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Timeline: Malaysian ex-PM Najib found guilty in 1MDB scandal

Timeline: Malaysian ex-PM Najib found guilty in 1MDB scandal

Malaysia's former leader Najib Razak was found guilty of corruption and sentenced on Tuesday to 12 years in jail in the first trial over a multibilliondollar scandal at state fund 1MDB that stretched to the Gulf states and Hollywood.

  • Reuters
  • Last Updated: July 28, 2020, 6:00 PM IST
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Malaysia’s former leader Najib Razak was found guilty of corruption and sentenced on Tuesday to 12 years in jail in the first trial over a multi-billion-dollar scandal at state fund 1MDB that stretched to the Gulf states and Hollywood.

The court also sentenced him to 10 years in jail on charges of criminal breach of trust and money laundering for illegally receiving nearly $10 million from former 1Malaysia Development Berhad unit SRC International.

Here are some developments related to 1Malaysia Development Berhad:

2009

July – Three months after becoming prime minister, Najib launches 1MDB to invest in energy, real estate and other industries.

2015

March – Malaysia forms special task force – including officials from central bank, police, anti-grant agency and the attorney general’s chambers – to look into 1MDB.

July – The Wall Street Journal reports nearly $700 million of 1MDB money went into Najib’s personal bank account.

2016

January – Malaysia’s Attorney General clears Najib of wrongdoing, saying $681 million in his account was a donation from Saudi royal family member and Najib had returned $620 million in a few months.

2017

June – U.S. Justice Department says more than $4.5 billion was siphoned off from 1MDB by high-level fund officials and their associates.

August – The Justice Department says conducting a criminal probe into 1MDB.

2018

May – Najib unexpectedly loses election to Mahathir, who immediately reopens probe into 1MDB.

June – Police say nearly $275 million of assets found at properties linked to Najib, including jewelery, luxury handbags, watches and nearly $30 million in cash.

July – Malaysian authorities arrest Najib in relation to SRC probe.

September – Anti-corruption agency says Najib faces further corruption charges related to 1MDB.

November – Malaysian authorities say Najib had ordered changes to 1MDB audit report in 2016.

December – Prosecutors file new graft charges against Najib, over the alleged theft of billions of dollars from 1MDB.- Malaysia files criminal charges against Goldman Sachs Group Inc for misleading investors over three bond sales totalling $6.5 billion raised for 1MDB. Goldman had pleaded not guilty.

2019

April – SRC trial begins.

2020

January – Anti-graft agency reveals in audio clips that Najib sought help from the United Arab Emirates’ crown prince to fake evidence to cover up for the 1MDB scandal.

May – Stepson Riza Aziz agrees to testify against Najib in one of the 1MDB trials, after a Malaysian court agreed to drop a $248-million money laundering case.

July – Goldman Sachs agrees to pay $3.9 billion to settle Malaysia’s criminal probe.

– Malaysian court in SRC trial finds Najib guilty on seven charges. Najib said he would appeal to Malaysia’s Federal Court and the court stays his sentence.

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(Compiled by Liz Lee; Editing by Ed Davies)

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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  • First Published: July 28, 2020, 6:00 PM IST
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