Malaysia's Najib pleads not guilty to charges in 1MDB graft probe

KUALA LUMPUR (Reuters) – Malaysia's prime minister, Najib Razak, on Wednesday in the wake of a scandal-plagued state fund defeat.

Najib, 64, who has denied wrongdoing in relation to the 1Malaysia Development Berhad (1MDB) fund SRC International, Incorporated. SRC International.

The charges relate to some 42 million ringgit ($ 10.4 million) of funds that allegedly went from SRC to Najib's personal bank account. This represents a small fraction of the trillions of dollars in the US Department of Justice has been misappropriated from 1MDB.

Malaysia's attorney general said he was more likely to report from the Malaysian Anti-Corruption Commission (MACC) investigating wrongdoing at the fund.

"This is arising from the first MACC IP (investigation papers) given to my office three weeks ago. No doubt there will be more, "Tommy Thomas, who is leading the case against Najib, told reporters outside the court.

In a pre-recorded message posted on Twitter after his arrest, Najib said he was not perfect and "not all the accusations against me and my family are true.

"Let investigations be carried out. I did not have a chance to defend myself, "he said.

Each of the four charges against Najib carries a prison term of up to 20 years. The abuse of power charge carries a fine tuning of the "value of gratification".

Najib was granted lease of 1 million ringgit ($ 247,000) and was ordered to surrender his pbadports. The judge set a tentative date for the trial to begin of Feb. 18, 2019.

The son of a prime prime minister, Najib joined parliament at the age of 23 and rose through the ranks to the top job in 2009. But it's not a bad news.

Mahathir Mohamad, who helped Najib's political ascent before turning on the allegations surfaced, led to a najib campaign in a May 9 election and ousted a coalition that had ruled since Malaysia's independence from Britain in 1957.

One of Mahathir's first acts was reopen the 1MDB investigation.

SUPPORTERS GATHER

After spending the night in detention, Najib arrived at the capital in Kuala Lumpur on Wednesday wearing a dark blue suit and a red tie.

Crowds of media and onlookers jostled to catch a glance of the first form. Some supporters of Najib's UMNO party in the air.

Soon after coming into power in 2009, Najib founded 1MDB. The fund is being investigated in at least six countries on suspicion of money laundering.

SRC, created in 2011 by Najib's government to continue overseas investment in energy resources, was a unit of 1MDB until it was moved to the finance ministry in 2012.

SRC has been the initial focus of Malaysian investigators as suspicious transactions involving the firm were made through Malaysian entities, unlike other 1MDB related transactions that went through foreign banks and companies.

A spokesman for Najib said on Tuesday that the SRC charges and the 1MDB investigations were "politically motivated", and Najib will be in dispute over the charges.

Mahathir told Reuters last month that bribery and bribery using money were among the charges being considered against Najib, adding that his training was fully responsible for the scandal.

Since his election loss, the United States of America and the United States of America, the United States, and the United States of America.

($ 1 = 4.0440 ringgit)