Malaysia court finds ex-PM Najib Razak guilty of abuse of power in biggest 1MDB trial

(Reuters)

KUALA LUMPUR, Dec 26- Jailed former Malaysian Prime Minister Najib Razak was found guilty of abuse of power on Friday in the biggest trial yet in the multibillion-dollar 1MDB scandal, a ruling that could have significant political repercussions.

The judge had yet to deliver the full verdict and sentencing.

Malaysia and U.S. investigators say at least $4.5 billion was stolen from 1Malaysia Development Berhad, a state fund Najib co-founded in 2009 while in office. More than $1 billion allegedly made its way into accounts linked to Najib, who has consistently denied wrongdoing.

Najib has been charged with four counts of corruption and 21 counts of money laundering for receiving illegal transfers of more than 2.3 billion ringgit ($569.45 million) from 1MDB. He had consistently denied wrongdoing.

“The contention by the accused that the charges against him were a witch hunt and politically motivated were debunked by the cold, hard and incontrovertible evidence against him that pointed towards the accused having abused his own powerful position in 1MDB, coupled with the extensive powers conferred upon him,” Judge Collin Lawrence Sequerah said in an ongoing reading of the verdict.