1MDB civil trial begins as firm seeks US$5.64bil from Najib
1MDB says the former prime minister was at the centre of fraudulent transactions that caused RM51.4 billion in losses, with the assistance of fugitive financier Jho Low.
The civil trial of 1MDB against former Malaysian Prime Minister Najib Razak commenced today, with the company seeking to recover approximately US$5.64 billion from him and several others. The alleged misappropriation of funds resulted in losses of around RM51.4 billion, according to lead counsel Lim Chee Wee. The trial aims to prove through documentary and witness evidence that Najib was at the center of the 1MDB fraud, involving eight causes of action including fraud, negligence, breach of fiduciary duty, and conspiracy. The government and ordinary citizens continue to bear the burden of these losses.
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