Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Malaysia's Mahathir fears Najib would walk free if graft-tainted party wins polls

Published 10/11/2022, 02:53 AM
Updated 10/11/2022, 02:56 AM
© Reuters. FILE PHOTO: Former Malaysian Prime Minister Najib Razak speaks to journalists outside the Federal Court during a court break, in Putrajaya, Malaysia August 23, 2022. REUTERS/Lai Seng Sin

KUALA LUMPUR (Reuters) - Malaysia's veteran politician and opposition leader Mahathir Mohamad predicted on Tuesday that disgraced former prime minister Najib Razak would be released from jail if his graft-tainted ruling party wins an upcoming general election.

Najib began a 12-year jail term in August after being convicted in the first of several cases related to the looting of billions of dollars from state fund 1Malaysia Development Berhad (1MDB).

Malaysia is set to hold a general election in the coming weeks after Prime Minister Ismail Sabri Yaakob dissolved parliament on Monday, buckling to pressure from factions in the ruling United Malays National Organisation (UMNO) that remain loyal to Najib and others charged with corruption.

Speaking a day later, Mahathir warned that UMNO would rush to get Najib released from prison through a royal pardon as well as drop dozens of other corruption charges if it wins the election.

"Should they be able to win and form the government, that is the first objective, not about the welfare of the people," Mahathir, who had two stints as prime minister, told a news conference.

Criminal prosecution of UMNO president Ahmad Zahid Hamidi, who is facing 47 graft charges in a case unrelated to 1MDB, will also be dropped, Mahathir said.

Najib and Zahid have both pleaded not guilty, saying they are victims of a political vendetta.

They were both prosecuted, along with other party leaders, after UMNO lost the 2018 election for the first time in Malaysia's history as voters punished the party for 1MDB and other corruption scandals.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Having led the country for 22 years until 2003, Mahathir came out of retirement to forge a coalition to defeat Najib, his former protege, but that alliance fell apart in 2020, ending Mahathir's second stint as prime minister and allowing UMNO to make its way back into power.

Now aged 97, Mahathir said he will defend his parliamentary seat in the election, and that he was willing to work with anyone to defeat UMNO.

UMNO is hoping to win a big enough mandate in the upcoming polls to form the government on its own, without the coalition partners it had under Ismail's administration.

Despite Najib's claim of political vengeance, the far ranging 1MDB scandal has implicated financial institutions and high-ranking officials globally. At least six countries opened investigations.

Investigators have said some $4.5 billion was stolen from 1MDB - co-founded by Najib during his first year as prime minister in 2009 - and that over $1 billion went to accounts linked to Najib.

The U.S. Department of Justice has called it their biggest kleptocracy investigation.

Najib has said he was misled by 1MDB officials.

Other opposition leaders have also slammed UMNO for pushing for early elections at a time when the economy is slowing down.

"One of the explicit or implicit objectives of UMNO in the general election is to free Najib and the other protagonists of the 1MDB scandal from criminal liability," Lim Kit Siang, a leader of the opposition Democratic Action Party, said in a statement.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.