July 28, 2020 / 12:30 PM / 6 days ago

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

(Reuters) - 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.

Former Malaysian Prime Minister Najib Razak leaves a courtroom for a break at Kuala Lumpur High Court in Kuala Lumpur, Malaysia June 1, 2020. REUTERS/Lim Huey Teng

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:


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


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.


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.


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.


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.


April - SRC trial begins.


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.

Compiled by Liz Lee; Editing by Ed Davies

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