Najib pleads not guilty to money laundering charges

Najib pleads not guilty to money laundering charges

Last month, Najib was arrested and charged with abuse of power and criminal breach of trust related to an alleged transfer of RM42 million (S$14 million) into his personal bank account from SRC International, a former unit of 1MDB.

The RM1 million bail set for Najib's previous charges on July 4th was extended to his money laundering charges.

Earlier, Najib arrived at the courthouse in a four-car motorcade accompanied by his children.

The new government reopened the investigations stifled under Najib's rule and barred him and his wife from leaving the country.

Malaysia's former prime minister Najib Razak smiles as he leaves Duta court complex in Kuala Lumpur on Wednesday.

Najib has also been indicted for three cases of cheating by trust (CBT) and abuse of power.

His case was transferred to another court, where he entered not guilty pleas, meaning he will stand trial.

More news: Malaysia's former PM Najib questioned ahead of pre-trial hearing

The Malaysian Anti-Corruption Commission (MACC) made the announcement on Tuesday hours after inviting Najib for another round of questioning. But reports emerged later that billions of USA dollars were misappropriated.

It sailed into the Malaysian port a day after Prime Minister Mahathir Mohamad thanked Indonesian President Joko "Jokowi" Widodo for agreeing to hand it over to Malaysian officials.

All the charges relate to SRC International, an energy company that was originally a subsidiary of 1MDB. Najib and the fund deny any wrongdoing.

Lawsuits filed in USA courts by the Department of Justice allege that an estimated $4.5bn was misappropriated from 1MDB by high-level officials of the fund and their associates.

The prosecution was filed under Section 4 (1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001 which provides for the penalty under Section 4 (1) of the same act.

Earlier this week, Indonesia handed over to Malaysia a $250 million superyacht that had been impounded following claims by the U.S. Department of Justice that it was purchased by fugitive Malaysian financier Low Taek Jho with funds siphoned off from 1MDB.

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