A Malaysian court has stopped the prosecution of Riza Shahriz Abdul Aziz, the stepson of former Prime Minister Najib Razak and a major defendant in the case involving the billion-dollar embezzlement from the 1Malaysia Development Berhad (1MDB) state investment fund, based on an agreement he has reached with the prosecutors, Deputy Public Prosecutor Datuk Seri Gopal Sri Ram said on Thursday
BANGKOK (Pakistan Point News / Sputnik - 14th May, 2020) A Malaysian court has stopped the prosecution of Riza Shahriz Abdul Aziz, the stepson of former Prime Minister Najib Razak and a major defendant in the case involving the billion-dollar embezzlement from the 1Malaysia Development Berhad (1MDB) state investment fund, based on an agreement he has reached with the prosecutors, Deputy Public Prosecutor Datuk Seri Gopal Sri Ram said on Thursday.
Riza Shahriz Abdul Aziz was accused of five episodes of money laundering involving 1MDB funds worth over $248 million.
"An agreement has been arrived at between the prosecution and the accused under the terms of which the Federal Government will receive a substantial sum running into several million Ringgit," the official, who led the prosecution, said, as quoted by the Star newspaper, adding that the sum is directly linked to the subject matter of the charges framed in this case.
At the same time, Sessions Court judge Azman Ahmad said that the end of prosecution did not amount to an acquittal over the five charges of money laundering, the media added.
Malaysia created the 1MDB fund in 2009 to promote the country's economic growth through direct foreign investment and global partnerships. However, a number of officials, including the ex-prime minister, have since been suspected of embezzling around a total of $4.5 billion from the fund. The 1MDB embezzlement case is being investigated simultaneously in Malaysia, Singapore, the US, Switzerland and several other countries.
The 1MDB embezzlement scandal was one of the main reasons for the failure of the former prime minister's party the United Malays National Organization in the 2018 general elections.
