Malaysia has halved the 12-year prison sentence for former Prime Minister Najib Razak in a corruption case, as reported by authorities in the Southeast Asian nation.
Najib, who held office from 2009 to 2018, was convicted in 2020 on charges including money laundering and abuse of power related to the 1MDB scandal, involving the misappropriation of billions of dollars in Malaysian taxpayer funds.
In an announcement on Friday, the Federal Territories Pardon Board stated that Najib’s request to reduce his prison term to six years had been granted.
Additionally, Najib’s fine was decreased to 50 million ringgit ($10.6 million), with a provision that his sentence would be prolonged by a year if the full amount is not paid before his new release date set for August 23, 2028.
Despite consistently denying any wrongdoing, Najib’s appeals against convictions related to the 1MDB scandal were rejected by Malaysia’s High Court. Prosecutors asserted that Najib and his associates treated the state fund as a personal source of funds for lavish lifestyles and electioneering.
Established in 2009 during Najib’s tenure, the 1MDB fund was intended to facilitate Malaysia’s development into a competitive, sustainable, and inclusive nation through market-driven initiatives, funded with billions of public money. However, according to U.S. prosecutors, it became a slush fund exploited by Najib and other high-ranking officials.
In 2020, Goldman Sachs, a major underwriter of the 1MDB fund, reached a $3.9 billion settlement with the Malaysian government amid various criminal and regulatory proceedings.
