Prosecutors in Kuala Lumpur yesterday dropped a money-laundering case against the step-son of Malaysia's former prime minister Najib Razak, who agreed to pay more than $107m to the government.
The long-running case against Riza Aziz, who is also a fim producer known for his success with The Wolf of Wall Street, came to an end when prosecutors dropped charges alleging Aziz had received more than $250m from the notorious 1 Malaysia Development Bhd (1MDB) state development fund.
The court agreed Aziz would settle with around $107m-worth of overseas assets.
Based on the agreement, the accused is required to pay a compound to the government... which is punitive as an alternative to the charges that have been brought against him."
The Malaysian Anti-Corruption Commission said in a statement last night: "Based on the agreement, the accused is required to pay a compound to the government... which is punitive as an alternative to the charges that have been brought against him."
Malaysia's development fund 1MDB has been mired in scandal since 2015, and is now wholly owned by the country's ministry of finance.
Last year suspiscion fell on former prime minister Najib Razak's brother Nazir Razak, who heads the country's second-largest bank, who insists he did "not use a single sen of 1MDB monies." Investigations have also led to former deputy minister, Ahmad Maslan, and the former chief of the federal land development authority, Shahrir Samad.
Also in 2019 charges were brought against former bosses of Goldman Sachs for their role in helping to raise $6.5bn through bond offerings for 1MDB. The three executives deny wrongdoing. Malaysian and US investigators say about $4.5bn was misappropriated from now-defunct 1MDB, which was set up in 2009 by Najib Razak.
1MDB has been the subject of corruption and money-laundering investigations in more than six countries. Around $600m has been recovered by the US-Malaysian investigations to date.