KUALA LUMPUR (Reuters) – A court in Malaysia will on Wednesday deliver its verdict on an appeal by former premier Najib Razak over his conviction in a case related to a corruption scandal at 1Malaysia Development Bhd (1MDB), a state fund he co-founded.
The following are details of the scandal and the cases brought against him:
1MDB was a sovereign fund set up in 2009 with the help of Malaysian financier Jho Low to promote economic development.
Najib chaired its advisory board until 2016.
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HOW DID BILLIONS GO MISSING?
1MDB raised billions of dollars in bonds for use in investment projects and joint ventures between 2009 and 2013.
The U.S. Department of Justice (DoJ) said $4.5 billion was diverted to offshore bank accounts and shell companies, many linked to Low. Malaysian authorities say billions more remain unaccounted for.
The siphoned funds were used to buy luxury assets and real estate for Low and his associates, including a private jet, a superyacht, hotels, jewelry, and to finance the 2013 Hollywood film “The Wolf of Wall Street”, U.S. lawsuits have said.
Low, who has been charged in Malaysia and the United States over his central role in the case, denies wrongdoing and his whereabouts is unknown.
WHAT ARE THE CASES AGAINST NAJIB?
Authorities say Najib illegally received more than $1 billion traceable to 1MDB.
Najib, voted out in a 2018 election amid public anger over the scandal, is facing 42 charges of criminal breach of trust, abuse of…
