Najib was ‘at the centre’ of US$5.6bil 1MDB fraud
A civil suit against former Malaysian Prime Minister Najib Razak alleges he was the central figure in a US$5.6 billion fraud involving 1MDB. The prosecution claims he abused his multiple government roles to manipulate the company for personal and familial gain.
Why it matters
This trial represents a significant effort to hold high-level officials accountable for large-scale corruption and the misuse of public funds.
KUALA LUMPUR: Datuk Seri Najib Razak held immense control over 1Malaysia Development Bhd’s (1MDB) management, using his vast powers to enable fraud against the company, causing it to suffer US$5.6bil in losses, the High Court heard.
Lawyer Datuk Lim Chee Wee said Najib used his apex position, power and influence as the then prime minister, finance minister, controller of Minister of Finance Inc (MOFInc) and sole shareholder of 1MDB, to commit acts and exert influence over 1MDB’s board of directors to execute abnormal transactions to enrich himself, his wife Datin Seri Rosmah Mansor, his stepson Riza Aziz, fugitive businessman Low Taek Jho and their families.
“As a result of these misappropriations, the plaintiffs have suffered losses amounting to US$5,644,525,051,” he said in the opening statement on the first day of the civil suit filed by 1MDB and its four subsidiaries against Najib and others.
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