Najib to face fresh charges over money laundering at SRC

This article first appeared in The Edge Financial Daily, on August 8, 2018.
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KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) will file several fresh charges against former prime minister Datuk Seri Najib Razak over criminal offences related to SRC International Sdn Bhd, at the Kuala Lumpur High Court today.

In a statement yesterday, the anti-graft agency said the fresh charges will be filed under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

If convicted, Najib could be jailed up to 15 years and fined not less than five times the sum or value of the proceeds from the alleged criminal activity.

“The prosecution has received consent and approval from the Attorney-General’s Chambers,” the MACC said.

Earlier yesterday, Najib was questioned for under one hour over allegations of graft related to SRC — a former subsidiary of 1Malaysia Development Bhd (1MDB). This was the second time the former premier was questioned by the MACC — the first time was from May 22 to 24 when he was questioned over the same issue.

Najib was spotted entering the MACC academy at Jalan Duta here at 4.58pm yesterday, accompanied by his lead defence attorney Tan Sri Dr Muhammad Shafee Muhamad Abdullah.

He left the building at 5.46pm. An officer notified reporters waiting outside that Najib left in one of the four vehicles. Earlier, the officer said Najib was not expected to be held overnight at the premises, ahead of his court case management today.

It is unclear whether Najib was questioned over new sets of charges involving the troubled 1MDB or regarding existing charges against him in relation to funds owned by SRC International.

On July 4, Najib was charged with three counts of criminal breach of trust under Section 409 of the Penal Code over RM42 million allegedly siphoned from SRC International in 2014.

He is also facing a separate charge under the MACC Act 2009 for receiving the RM42 million kickback for influencing government decision to provide guarantee over SRC International loans. He pleaded not guilty to all charges.