KUALA LUMPUR: Malaysia’s former prime minister, Najib Razak, on Monday faces the biggest of five trials linked to a multi-billion-dollar scam at state fund 1MDB, although lawyers are seeking a delay to allow time for the completion of a previous trial.
Najib, who lost a general election last year, has been hit with 42 criminal charges of graft and money laundering at 1Malaysia Development Berhad (1MDB) and other state entities.
1MDB, founded by Najib in 2009, is being investigated in at least six countries, and the US Department of Justice says about $4.5 billion was misappropriated from the fund.
In his second trial at the Kuala Lumpur High Court, Najib will have to fight 21 charges of money laundering and four of abuse of power for receiving illegal transfers of about 2.3 billion ringgit ($550.8 million) between 2011 and 2014.
He has pleaded not guilty and says the charges are politically motivated.
On Friday, prosecutors handed to the defense thousands of pages of documents related to the case, government lawyer Ahmad Akram Gharib told Reuters.
“Under the rules, a trial can only begin at least two weeks after all the related documents are handed over,” he said, adding that about 60 witnesses were expected to be called in the second case.
The first trial, which began in April and revolves around former 1MDB unit SRC International, was adjourned on Aug. 14 after Najib contracted an eye infection, halting the cross-examination of the prosecution’s final witness.
That case is also expected to resume on Monday, and lawyers from both sides hope the second trial can be delayed to allow prosecutors to wrap up the first.
“The accused can only be at one place at a time,” Najib’s lawyer, Harvinderjit Singh, said. “We are hoping the judge will allow us some leeway in this matter.”
After the shock election loss, Najib and his wife Rosmah Mansor were barred from leaving Malaysia and their luxurious lifestyle came under scrutiny, with the discovery of nearly $300 million worth of goods and cash at properties linked to him.
Rosmah, known for her designer handbags and jewelry, has also been charged with corruption. She has pleaded not guilty.
Najib’s lawyers say he had no knowledge of the transfers into his accounts and was misled by Malaysian financier Low Taek Jho and SRC’s former chief executive, Nik Faisal Ariff Kamil, who are both at large.
Low, who faces charges in the United States and Malaysia over his alleged central role in the 1MDB case, has consistently denied wrongdoing. A spokesman for Low did not respond to a request for comment.
Nik Faisal, who has never publicly commented on the matter, could not be reached for comment.
Former PM Malaysian PM Najib faces biggest 1MDB trial
Former PM Malaysian PM Najib faces biggest 1MDB trial
- Najib Razak, who lost a general election last year, has been hit with 42 criminal charges of graft and money laundering
- 1MDB, founded by Najib in 2009, is being investigated in at least six countries
Closing Bell: Saudi main index extends gains as market opens wider to foreign investment
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.
The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.
The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.
The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.
The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.
Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.
On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.
Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.
On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.
In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”
The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.
“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.
RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.
