Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Malaysia ex-PM Najib asks court to admit new evidence as final 1MDB appeal begins

Published 15/08/2022, 00:33
Updated 16/08/2022, 02:31
© Reuters. FILE PHOTO - Malaysia's former Prime Minister Najib Razak speaks during an interview with Reuters in Kuala Lumpur, Malaysia September 18, 2021.  REUTERS/Lim Huey Teng

By Rozanna Latiff

KUALA LUMPUR (Reuters) -Lawyers for former Malaysian prime minister Najib Razak sought on Monday to introduce fresh evidence for a re-trial, a final bid to overturn a 12-year jail term over a corruption case linked to the multibillion-dollar 1MDB scandal.

Najib, 69, has pleaded not guilty to dozens of charges over the alleged theft of $4.5 billion from 1Malaysia Development Berhad (1MDB), a state fund he co-founded as premier in 2009. The scandal has ensnared high-ranking officials and financial institutions around the world.

Prosecutors say more than $1 billion in 1MDB funds made its way into Najib's personal accounts.

In July 2020, he was convicted in the first of several trials of criminal breach of trust, abuse of power and money laundering, for illegally receiving about $10 million from SRC International, a former 1MDB unit. An appeals court upheld the conviction last year.

The Federal Court has scheduled hearings through Aug. 26 to hear Najib's final appeal.

If it fails, Najib will probably begin his sentence immediately. Malaysian law allows for a review of Federal Court decisions, but such applications are rarely successful.

Najib's lawyer, Hisyam Teh, asked the court on Monday to admit evidence allegedly showing that the trial judge who convicted the ex-premier had a conflict of interest, due to his previous employment at a bank that had provided a loan to 1MDB.

Lead prosecutor V. Sithambaram however described the defence's request as "flawed and self-serving", saying that the judge's employment record was publicly known before the trial and that his work at the bank was irrelevant to the charges facing Najib.

The five-member panel of judges will likely decide on Tuesday whether to allow the defence's motion.

In his main appeal, Najib has cited 94 grounds for why he should be acquitted, including that lower courts had erred in some of their findings, documents submitted before the hearing showed.

The appeal comes ahead of national elections that are expected to be called before a September 2023 deadline.

© Reuters. Former Malaysian Prime Minister Najib Razak arrives at the Federal Court in Putrajaya, Malaysia August 16, 2022. REUTERS/Hasnoor Hussain

An acquittal could spark a political comeback for Najib, who told Reuters last year he had not ruled out seeking re-election to parliament.

While he remains a popular figure and active lawmaker, Najib is barred from contesting elections unless his conviction is overturned or he receives a royal pardon.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.