TAKING MALAYS FOR FOOLS – AGAIN? AS NAJIB, BACKED BY MAT HASAN, CLAIMS ‘NO ACTION TAKEN OVER MDB BECAUSE NO PROOF’ – NEWS OF NAJIB’S EPIC CORRUPTION TRIAL TRAVELS ALL OVER THE WORLD – EVEN INTO HOLLYWOOD

Datuk Seri Mohd Najib Razak’s trial glossed media headlines across the world yesterday as global attention focuses on Malaysia’s first prosecution of a former prime minister (PM).

Najib’s trial began yesterday as prosecutors filed seven counts related to criminal breach of trust, abuse of power and money laundering.

The trial saw more than 200 media personnel flooding the courthouse, including international media agencies.

The New York Times carried news heading “Najib Razak, Malaysian Leader Toppled in 1MDB Scandal, Faces First Graft Trial”. The article quoted James Chin, director of Asia Institute Tasmania at the University of Tasmania.

“This is a sea change for Malaysian politics for the very simple reason that for the first time a former head of government has been charged with corruption,” said.

Influential US newspaper The Washington Post carried a harder headline — Prosecutor Says Ex-Malaysian PM Abused His “Absolute Power” — reporting on the prosecution’s remarks during the trial.

Reuters reported that yesterday’s trial was exactly 10 years after he took office on April 3, 2009, saying it was a “stunning fall from grace” for a leader who had been taken down by the Opposition less than a
year ago.

Al Jazeera — which conducted a heated interview with Najib when he lost his cool as he was quizzed over matters such as the “pink diamond” and 1Malaysia Development Bhd (1MDB) — took readers on a flashback, describing the timeline of the state-owned fund leading up to the trial.

UK’s BBC News highlighted that the 1MDB fund, which was designed to boost Malaysia’s economy through strategic investments, was allegedly wrongly used for funding lavish lifestyles, financing a Hollywood film, as well as a superyacht.

International business wire Bloomberg pointed out that the trial will serve as a testament to the country’s preparedness in diving into the 1MDB scandal.

As the charges involve the RM42 million funds transferred onshore into Najib’s account from SRC International Sdn Bhd — a former unit of 1MDB — the case would be easier compared to other transactions that had led to other charges, Bloomberg said.

CNBC brought in an expert to comment on Najib’s first court case, quoting Singapore Institute of International Affairs senior advisor Oh Ei Sun.

He suggested that the former PM could try to buy his time and delay the trial further due to the “possible chances” that his party could win in the next general election.

“It is because of Najib’s party Umno, which is the previous ruling party, sort of gaining traction in the recent months. If Umno were to ally with the Islamic party (PAS), there is a possible chance for them to win,” Oh told CNBC. – THE MALAYSIAN RESERVE

‘Wolf of Wall Street,’ 1MDB Corruption Trial Begins in Malaysia

Former Malaysian Prime Minister Najib Razak has gone on trial for his part in the 1MDB financial scandal, thought to be among the biggest corruption scandals the world has ever seen.

The trial marks the first major court case linked to the notorious 1MDB affair, which saw more than $4 billion supposedly destined for Malaysia’s sovereign wealth fund instead allegedly diverted into private bank accounts and used to fund lavish lifestyles, properties in New York and Los Angeles, a super-yacht and the Leonardo DiCaprio-starring 2013 Hollywood hit The Wolf of Wall Street. 

Razak established 1MDB and oversaw its operation. His stepson Riza Aziz produced The Wolf of Wall Street through his Red Granite production company, which is alleged by the Justice Department to have received $64 million of 1MDB funds to finance the film. Last year the company agreed to pay back $60 million to the DoJ to settle the case and Aziz spent several days being interrogated in Malaysia. Earlier this year, the DoJ — as part of the largest action brought by its Kleptocracy Asset Recovery Initiative — targeted tens of millions of dollars held in accounts linked to Red Granite co-founder and Wolf of Wall Street producer Joey McFarland.

Najib Razak, who lost power in a dramatic election in 2018, faces seven charges accusing him of pocketing $681 million from 1MDB coffers. Razak has pleaded not guilty to all charges. The former first lady Rosmah Mansour also faces corruption charges.

Central to the 1MDB scandal and also targeted by the investigation is the Malaysian businessman known as Jho Low, who had close links with both Najib and Aziz.

Low, who is alleged to have personally received hundreds of millions of dollars stolen from 1MDB and now faces criminal charges brought by the U.S. government, become close friends with DiCaprio, buying a property on the same street in the Hollywood Hills, and is believed to have been central to ensuring The Wolf of Wall Street was produced by Red Granite. He received a “special thanks” in the film’s credits.

However, Low has evaded capture and is currently thought to be hiding in China. Last year, his super-yacht the Equanimity — again alleged to have been bought via laundered 1MDB money — was seized. On April 3, the same day Razak’s trial began, the boat was reportedly sold by the Malaysian government to casino giant Genting for $126 million, half its original price.  – THE HOLLYWOOD REPORTER