The stepson of former Malaysian prime minister Najib Razak and co-founder of the Hollywood production firm behind the movie The Wolf of Wall Street, was yesterday charged with money laundering, state news agency Bernama reported.
Riza Aziz was charged with five counts of money laundering for allegedly receiving unlawful proceeds totalling 1bn Malaysian ringgit ($248mn) in connection with state development fund 1Malaysia Development Berhad (1MDB). 1MDB is the subject of a sweeping international probe after billions of dollars of public money was suspected of having been siphoned from the fund by high-ranking Malaysian officials, and splurged on luxury yachts, swanky residences, rare artworks, and expensive
jewellery.
US officials have alleged that some of the pilfered money had found its way to the Hollywood production firm Red Granite Pictures that Aziz co-founded, and which was responsible for the Hollywood film The Wolf of Wall Street, starring Leonardo di Caprio and
Margot Robbie.
Aziz, dressed in a dark blue coat and yellow polo shirt, pleaded not guilty after the five charges were read out to him in court yesterday.
He was released on bail for 1mn Malaysian ringgit ($242,000). If found guilty, each charge is punishable with a fine of up to 5mn Malaysian ringgit or up to 5 years’ imprisonment or both.
In May, about $57mn forfeited by Red Granite was returned to Malaysia and put into an account set up to recover money stolen from 1MDB.
Aziz is the latest in a string of people to have been arrested and charged in connection with misappropriating funds from the fund, together with his stepfather, former premier Najib Razak and his mother Rosmah Mansor.
Both Najib and Rosmah are standing trial for charges that include money laundering, criminal breach of trust and corruption.
Najib’s suspected involvement in the 1MDB scandal was considered instrumental in his party’s crushing loss in the 2018 general elections, paving the road for an opposition party to take power for the first time in 61 years.
The election victory also allowed the government to relaunch investigations into 1MDB, which had been muzzled during the Najib years.
Source:gulf-times.com
