Reported by Jon Emont

(Excerpt shared below. To read full report, go to: https://www.wsj.com/finance/former-malaysian-leader-sentenced-to-15-years-over-multibillion-dollar-1mdb-scandal-d26fca66?mod=Searchresults&pos=6&page=1)

Malaysia’s High Court sentenced former Prime Minister Najib Razak to 15 years in prison after convicting him on 25 charges of money laundering and abuse of power connected to the looting of the 1MDB sovereign-wealth fund, one of the largest financial crimes of the 21^st century so far.

The high-profile case stretched on for years, with charges first filed in 2018, and with dozens of witnesses called by both the prosecution and defense. 

On Friday the court rejected a key contention of the defense—that the money Najib handled was sent from Saudi Arabia’s royal family, not from the sovereign-wealth fund. The presiding judge called the argument “a tale that surpasses those of the Arabian Nights, lacking credibility,” according to Bernama, Malaysia’s state media outlet, which said the charges involved some $570 million of misappropriated assets.

Najib’s legal team said he would appeal.

The 1MDB scandal goes back to 2009, when prosecutors say a team of conspirators allegedly began siphoning off money from the fund, promising government officials that they could net big returns on investments. More than $4.5 billion was allegedly misappropriated.