ARTWORK, SUPERYACHT
The multibillion-dollar 1MDB financial scandal has led to criminal investigations around the world – including in the United States, Switzerland and Singapore – involving politicians, celebrities and prominent individuals.
It is alleged that billions of dollars were pilfered from the fund by a number of people and used to buy items ranging from artwork to a superyacht.
Former Malaysian prime minister Najib Razak was in 2022 sentenced to 12 years in jail for offences linked to the misuse of public money. In February this year, his sentence was halved to six years.
Najib has been serving time in Kajang Prison after the Federal Court upheld his conviction for criminal breach of trust, power abuse and money laundering over the misappropriation of SRC International funds. SRC International is a former subsidiary of 1MDB. He is slated to be released in August 2028.
But with parole for good behaviour, he could be out in August 2026 after serving two-thirds of the new jail term.
Najib, who served as prime minister from 2009 to 2018 and is the first premier to be jailed, still faces corruption charges in three separate cases.
He will have to wait until Jun 5 to know whether he can proceed with his bid to serve the remainder of his sentence under house arrest.
Two men accused of embezzling US$1.8 billion from 1MDB are currently on trial in Switzerland.
PetroSaudi chief executive Tarek Obaid and Patrick Mahony, a director at the Saudi oil exploration and production company, are accused of squandering their loot on precious stones, private jets, rented yachts and property in London and Geneva.
Prosecutor Alice de Chambrier accused them of “extraordinary criminal activity and tenacity” over 10 years between 2009 and 2019, if alleged acts of concealment are included.
She sought a 10-year sentence for Obaid and a nine-year term for his right-hand man.
Obaid is a Swiss-Saudi dual national, while Mahony is Swiss-British.
The case, being heard by three judges, opened on Apr 2 and is scheduled to last until the end of the month though the verdict could take months.
