Corruption Trial Of Former Malaysian Prime Minister Rescheduled

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A court in Malaysia has rescheduled the corruption trial of Najib Razak, the former Prime Minister of Malaysia, in connection with the multibillion-dollar scandal that involves the 1MDB state fund.

The trial of Razak was scheduled to begin tomorrow. The former Malaysian Prime Minister has pleaded not guilty to vcarious charges of criminal breach of trust, money laundering and abuse of power.

In an interview with Reuters, his lawyers said that the trial has been postponed until an appeal to challenge a court ruling to transfer some of the charges to the High Court of Kuala Lumpur has been heard.

Razak is set to go on trial over allegations that are linked to his involvement in the looting of the 1MDB fund, in which more than $4.5 billion (£3.5 billion) of state money that was said to be embezzled and spent lavishly in Malaysia and across the globe on everything from Manhattan real estate and diamonds to paintings of Pablo Picasso and Hollywood films.

Najib is the first former Malaysian prime minister to be charged with crimes that are carried out while in office. He is accused of receiving nearly a quarter of the 1MDB funds amounting to 42 million ringgit (£7.9 million into his personal bank accounts from SRC International, a former unit of the 1MDB.

The new date of the trial has been yet been set, however, his lawyers expect that the appeal will be completed within the next two weeks.

Last year, Tim Leissner, a former banker at Goldman Sachs, pleaded guilty to conspiracy to launder money and agreed to pay a fine amounting to $43.7 million in relation to the scandal.

Malaysian authorities have filed some criminal charges against the investment bank in connection with the corruption and money laundering probe.

The investigation is examining three bond offerings that were raised by Goldman Sachs and others for 1MDB to a total of $6.5 billion, which are currently under investigation in at least six countries.