There is no doubt that the Najib Razak’s family went from grace to grace. There are many factors that accounts for this, but the dagger that finally axed Najib and his family from the apex to the ground is the 1MBD scandal.
We will look at his life and the famous 1MDB scandal.
Who is Najib Razak?
Mohammad Najib bin Tun Haji Abdul Razak is the sixth Prime Minister of Malaysia. He was born on 23rd July,1953 , the son of Abdul Razak Hussein, the second Prime Minister of Malaysia.
He is the first former Malaysian leader to be jailed. Najib Razak was the chairman of the Barisan Nasional coalition between 2009 to 2018. He was equally the President of the United Malays National Organization from 2008 to 2018.
His UMNO had the majority in Malaysian parliament and controlled the government for over 60 years. They coalition had its shock in 2018 when they were defeated in the general election.
Najib Razak became a parliamentarian at an age of 23 after he took over from his passed away while on the the Pekan Parliamentary seat.
1MDB scandal: the dagger that brought down the Najib Razak family.
The 1MDB stands for 1Malaysia Development Berhad scandal.
What is it the 1MDB?
The Malaysian Development Berhad Scandal talks about the famous corruption,bribery and money laundering conspiracy. Through this the Malaysian sovereign wealth fund (1Malaysian Development Berhad) was embezzled with assets being diverted and spread globally by perpetrators.
It is regarded as “one of the world’s greatest financial scandals”. The United States Department of Justice described it as the “largest kleptocracy case to date”.
The scandal had implication in politics,banking and entertainment figures and even institutions.
The Wall Street report showed that former Prime Minister Najib Razak had diverted about RM2.67billion or about $700 million into his personal bank accounts.
This was money from the 1Malaysian Development Berhad,(1MDB) which was a government run strategic development company.
It was masterminded by one Jho Low.
Low Taek Jho who is often called Jho Low is a Malaysian fugitive who is wanted internationally for his role in the 1MDB scandal.
Jho Low who was born on 4th November,1981 is said to be responsible for the massive fraud which legal brains said, he allegedly plotted to siphon 4.5 billion of 1MDB cash into his personal account.
He is reported to have numerous assets which the USA described as discretionary and originated from payment from the IMDB funds.
Najib Razak and his wife are said to have used the money in luxury purchases. His wife was nicknamed the first lady of shopping for using huge sums in shopping alone.
Not only that, but Najib Razak’s step-son who is film producer is said to have used the 1MDB funds in making some of his movies.
Riza Aziz is reported to have used the 1MDB funds to establish himself in Hollywood.
Najib Razak received criticism from his own party and he fought hard in removing critics from his government.
When Najib Razak loss power in 2018, his successor revisited the 1MDB scandal with Najib and 11 others barred from leaving the country.
police were instructed to seized more than 500 handbags and 12,000 pieces of jewellery. The estimated value of the seized items said to be worth US$270 million from property linked to Najib.
This is the largest seizure of goods in Malaysian history.
The former prime Minister,Najib Razak was later charged with “criminal breach of trust, money laundering and abuse of power”.
Najib Razak was finally found guilty to as many as seven charges and that includes 1MDB, SRC International and was given 12 year prison sentenced.
The Mastermind of the 1MDB, Mr. Jho Low was charged as an international fugitive related to money laundering.
In 2018, Riza Aziz, Najib Razak’s step-son that produce the Wolf of Wall Street film agreed to pay $60 million to settle the USA Justice Department for claims it financed the movie with money siphoned from 1MDB.
We are all very aware what recently happened to Najib Razak’s wife Rosmah Mansor, where she was sentenced to ten years over bribery.
So you can actually see that the 1MDB scandal has been a dagger that brought down the Najib family.