Former Malaysian leader Najib Razak was sentenced Tuesday to 12 years in jail on corruption charges linked to the multi-billion-dollar 1MDB scandal that led to the downfall of his government two years ago.
The ex-prime minister was also fined almost $50 million (AUD) after being convicted on all seven charges in the first of several trials related to the looting of the 1Malaysia Development Berhad sovereign wealth fund.
The 67-year-old is challenging the verdict and will likely be allowed to remain free on continued bail until a lengthy appeals process is complete.
"I am surely not satisfied with the result," Mr Najib told reporters, adding that an appeal would be filed as soon as possible.
"This is definitely not the end of the world, because there's a process of appeal, and we hope that we would be successful then."
Billions of dollars were stolen from the investment vehicle and spent on everything from high-end real estate to pricey art, while investment bank Goldman Sachs also became embroiled in the scandal.
Anger at the looting played a large part in the shock loss of Mr Najib's long-ruling coalition in elections in 2018, and he was arrested and hit with dozens of charges following his defeat.
The verdict was a test of Malaysia's rule of law. It came about five months after Mr Najib's scandal-plagued party returned to power as part of a coalition, which observers had feared could affect the outcome.
Mr Najib is facing several 1MDB-linked trials and the first, which began almost 16 months ago, centred on the transfer of $13.8 million (AUD) from a former unit of the fund into his bank accounts.
Then Malaysian Prime Minister Najib Razak on Aug. 6, 2015. Source: AP
The 67-year-old had vehemently denied wrongdoing.
After finding him guilty on a range of charges including abuse of power, criminal breach of trust and money-laundering, the judge sentenced Mr Najib to between 10 and 12 years on each.
The sentences will run concurrently, however, meaning he will remain behind bars for 12 years.
"In conclusion, after considering all the evidence in this trial, I find the prosecution has successfully proven the case," the judge told the Kuala Lumpur High Court.
Mr Najib looked calm and bowed his head after the verdict was read. Outside court, hundreds of angry supporters chanted "Long life".
Abuse of power
The charges were one of abuse of power, three of criminal breach of trust and three of money-laundering.
The counts of abuse of power and criminal breach of trust are punishable by up to 20 years in jail each, while the money-laundering charges are punishable by up to 15 years each.
Mr Najib had insisted he was ignorant of the transactions from the 1MDB unit, SRC International.
The defence team portrayed Mr Najib as a victim and instead sought to paint financier Low Taek Jho, a key figure in the scandal who has been charged in the US and Malaysia, as the mastermind.
Mr Low, whose whereabouts are unknown, maintains his innocence.
The judge however ruled that the idea Mr Low had tricked Mr Najib was "far-fetched", and also dismissed the argument the ex-leader believed the money in his account was a donation from Saudi royalty.
Former Malaysian Prime Minister Najib Razak, center, arrives at the Kuala Lumpur High Court complex, Tuesday, July 28, 2020. Source: AP
The return of Mr Najib's party to power as part of a coalition in March followed the collapse of Mahathir Mohamad's reformist administration.
Since then, 1MDB-linked charges were unexpectedly dropped against the ex-leader's stepson Riza Aziz in exchange for him agreeing to return assets to Malaysia.
Money stolen from the investment fund was allegedly used to bankroll Mr Riza's Hollywood production company and fund the hit movie "The Wolf of Wall Street", which starred Leonardo DiCaprio.
Prosecutors also dropped dozens of charges against Najib ally Musa Aman, the former leader of Sabah state.
But analysts said the conviction against Mr Najib would boost confidence in the new government, headed by Prime Minister Muhyiddin Yassin, and in the justice system.
Mr Muhyiddin will be "seen as putting country over politics, and gain support from those who wanted to see justice in case," Bridget Welsh, a Malaysia expert from the University of Nottingham, told AFP.
The opposition alliance "Pact of Hope" led by political heavyweight Anwar Ibrahim, who ousted Mr Najib at the 2018 polls and re-opened probes into 1MDB, declared the verdict "a huge victory for Malaysians".
The amounts involved in Mr Najib's first case are small compared to those in his second and most significant trial, which centres on allegations he illicitly obtained more than $500 million (AUD).
Malaysia had also charged Goldman Sachs, claiming large amounts were stolen when the bank arranged bond issues for 1MDB, but the two sides agreed to a $3.9 billion (AUD) settlement last week.
Additional reporting: Reuters
