PanamaTimes

Sunday, Oct 25, 2026

Top Officers Spent Millions In Malaysia's Big Corruption Case Involving Ex-PM

Top Officers Spent Millions In Malaysia's Big Corruption Case Involving Ex-PM

Najib Razak, the then-prime minister was a key figure in the plundering of the sovereign wealth fund 1Malaysia Development Berhad (1MDB).

Malaysia's extraordinary 1MDB corruption scandal allegedly saw top officials loot billions from state coffers and go on a worldwide spending spree -- buying a $250 million yacht, a Van Gogh painting, and financing a Hollywood blockbuster.

Najib Razak, the then-prime minister whose 12-year jail sentence was affirmed Tuesday by the country's highest court, was a key figure in the plundering of sovereign wealth fund 1Malaysia Development Berhad (1MDB).

He was convicted in July 2020 in his first corruption trial linked to the fraud and sentenced.

An appellate court last December rejected his appeal, prompting him to mount a final plea before the Federal Court, whose decision is final.

Chief Justice Maimun Tuan Mat issued a warrant of committal, which a lawyer said means Najib is going immediately to jail.

 What was 1MDB?


1MDB was a state investment fund which Najib launched in 2009 shortly after becoming prime minister.

Its portfolio included power plants and other energy assets in Malaysia and the Middle East, as well as real estate in Kuala Lumpur.

The fund was closely overseen by Najib.

Whistleblowers say Low Taek Jho, a jet-setting Malaysian financier close to Najib but with no official position, helped set up 1MDB and made key financial decisions.

Concerns escalated in 2014 as 1MDB slid into an $11-billion debt hole, and intensifying public scrutiny revealed missing funds.

The scandal first came to light through the Sarawak Report news portal, and gained further traction in 2015 when The Wall Street Journal published documents showing Najib received at least $681 million in payments to his personal bank accounts.

 Lavish expenses


The US Justice Department launched its own probe after claims that stolen Malaysian public money was laundered through the US financial system, and has filed lawsuits seeking some $1.8 billion in assets allegedly purchased with the cash.

The department said more than $4.5 billion was stolen from 1MDB between 2009 and 2015 by high-level officials at the fund and their associates.

Tens of millions of dollars were used in 2012 by Najib's stepson Riza Aziz, an aspiring film producer, to fund the Hollywood film "The Wolf of Wall Street", starring Leonardo DiCaprio.

Hundreds of millions were also used, mainly by Riza and Low, to purchase high-end real estate in Beverly Hills, New York and London.

A Monet painting bought for $35 million, a Van Gogh for $5.5 million, a $35-million Bombardier jet, a $100-million stake in EMI Music Publishing, and a $250 million yacht were also ticked off the shopping list.

 Political turbulence


Najib, now aged 69, desperately sought to contain the scandal, targeting critics and introducing repressive laws.

But the allegations hit the popularity of his long-ruling coalition and contributed to a shock election defeat in 2018.

A new government headed by veteran politician Mahathir Mohamad, now aged 97, came to office on a wave of public anger, and re-opened investigations.

Najib was hit with dozens of charges.

But in February 2020, Mahathir's reformist alliance collapsed after bitter infighting, and a new coalition that included Najib's scandal-plagued party seized power.

There were concerns this could impact Najib's trials -- particularly after 1MDB-linked charges against Riza were unexpectedly dropped in May 2020.

 The trial


But those fears proved unfounded following his conviction of all seven charges.

That case centred on allegations that 42 million ringgit ($10 million) was transferred to the 67-year-old's bank accounts from SRC International, a former unit of the fund.

His lawyers insisted he had no knowledge of the transfers and claimed that Low was the true mastermind behind the scam.

But High Court Judge Mohamad Nazlan Mohamad Ghazali said the idea that Low had tricked Najib was "far-fetched", and also dismissed the argument the ex-leader believed the money in his account was a donation from Saudi royalty.

A five-judge Federal Court panel upheld that decision Tuesday, saying it found Najib's appeal "devoid of any merits" and ruled that the conviction and sentence were "safe".

"It is our unanimous view that the evidence led during the trial points overwhelmingly to guilt on all seven charges," Maimun said on behalf of the panel.

Najib is still facing more than 30 other 1MDB-related corruption charges, court records show.

Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
Advertising trick: Pepsi’s Harrier Jet Commercial Led to a $700,000 Court Fight
Why 2027 Could Be a Strong Year for Stocks—and Why the Forecast Is Fragile
Trump’s Top General Seeks an Exit Strategy From Iran War, Report Says
Brock Lesnar Retires From Wrestling, Closing a Career of Rare Athletic Range and Lasting Controversy
Trump-Era Policy Shifts Test the Boundaries of U.S. Institutions
Weight-Loss Drug Boom Tests the Limits of Prescription Advertising Rules
Breaking With the Past: One of the World’s Smallest Countries Changes Its Name
AI Is Remaking the US Economy, From GDP Growth to iPhone Prices
Cuba’s Grid Fails Again as Fuel Crisis Deepens
Nazca Lines Flight Crash Kills Thirteen as Peru Suspends Aerodiana
OpenAI Faces Demands for Full Disclosure After Models Breach Hugging Face
FIFA’s Private-Investment Plan for World Cup Rights Draws European Revolt
Why Americans Queue for $15 Ice Cream and a $100 Caviar Pint
OpenAI Sued After ChatGPT Allegedly Discouraged Emergency Care Before Near-Fatal Embolism
Miliband Sets Climate and International Law at Centre of UK Diplomacy
Trump Readies New Tariffs as Temporary Global Levy Nears Expiry
Morgan Stanley Builds a Wall Street Lead in AI Infrastructure Finance
High Prices Push Coffee Drinkers Toward Whole Beans and Home Brewing
Spain Defeats Argentina in Extra Time to Win Second World Cup
Venezuela’s Earthquake Devastation Turns U.S. Investment Opportunity Into a Thirty-Seven Billion Dollar Reconstruction Challenge
Ukrainian Drones Strike Wildberries Warehouses Deep Inside Russia
The Ledger Will Not Trust on Faith
Trump Administration Pressures Banks to Restrict Financial Access for Undocumented Immigrants
The Ten World Cup Finals That Defined Football History
Smartphones Are Getting More Expensive, Sales Are Collapsing, and Even Apple Admits: "Prices Will Rise"
The AI Race Enters Its Infrastructure Era
Colombia Influencer Dies After Cosmetic Procedure at Unlicensed Bogota Salon
A Quiet Bastille Day: France Grapples with World Cup Heartbreak and Leftover Fireworks
Spain in Ecstasy: "We Feel Unbeatable, We Taught the Whole World a Lesson"
On the Island That Did Not Yield to Trump, There Is No Electricity, and 10 Million Live in Darkness
World Cup Visitors Turn American Big-Box Stores Into Souvenir Stops
Anthropic Reengineers Agentic Architecture to Shift Autonomous Workplace Automation to the Cloud
Global Crisis Alert: Escalating Middle East Tensions and UK Political Upheaval
Japanese Technology Firm Fujitsu Launches Advanced Artificial Intelligence Tool for Corporate Disclosures
South Africa Officially Launches Nationwide Campaign for Highly Contested Local Government Elections
United Kingdom Commits Additional Funding for Unexploded Ordnance Clearance in Laos
Singapore Announces Stringent New Greenhouse Gas Regulations for Commercial Cooling Systems
Cambodia and Thailand Hold High-Level Border Security Talks at United Nations Headquarters
Myanmar Military Government and China Sign Major Agreement to Upgrade Media and Cultural Cooperation
Knife Attack at Swiss Train Station Leaves Three Injured in Suspected Act of Domestic Terrorism
Transnational Extortion Gang Threatens Canadian Police With Army of One Thousand Armed Operatives
Australia Imposes Forty-Two-Day Quarantine on Cruise Ship Passengers Following Deadly Hantavirus Outbreak
International Monetary Fund Unlocks Seven Hundred Million United States Dollars for Sri Lanka Following Economic Reforms
Australia Launches Record One Point Four Billion Dollar Lawsuit Against Chemical Giant 3M Over Contamination
China and Canada Foreign Ministers Meet in Ottawa in Effort to Stabilize Strained Diplomatic Ties
Indonesia Demands Urgent United Nations Security Council Reform Amid Escalating Global Conflicts
Extreme Weather Patterns Trigger Severe Drought in Madagascar and Destructive Flooding in East Africa
Indian State of Karnataka Faces Political Upheaval as Chief Minister Siddaramaiah Abruptly Resigns
Philippines and Japan Reaffirm Defense Ties as Crucial for Indo-Pacific Regional Stability
Norway Joins French Nuclear Deterrence Initiative in Major Shift for European Security Architecture
×