Malaysian | Common News Update

Jul282020 by adminNo Comments

Malaysian court finds former PM Najib Razak guilty in 1MDB case

World

July 28 (UPI) -- A Malaysian court on Tuesday found former Prime Minister Najib Razak guilty of corruption and money laundering charges in connection to the alleged theft of billions of dollars from a state-run investment fund. Najib was found guilty of all seven charges, including one count of abuse of power, three counts of criminal breach of trust and three counts of money laundering, in connection to illegally obtaining some $ 9.8 million from SRC International, a former unit of the government-run 1Malaysia Development Berhad fund, or 1MDB. Advertisement The 1MDB was launched in July 2009 to entice investment into the Asian nation but became embroiled in scandal. The U.S. Justice Department has said some $ 4.5 billion was stolen from the fund and laundered through various schemes. Naj...

Deloitte fined £409k by Malaysian authorities

Business

By Wale Azeez, business reporter Deloitte has been fined RM2.2m (£409,000) by Malaysian authorities over a state investment fund embroiled in corruption charges.The global professional services giant is being censured by Securities Commission (SC) Malaysia for four breaches, in its role as an auditor for the state investment fund 1Malaysia Development Berhad (1MDB) during the 2015 and 2016 financial years. According to the commission, Deloitte was the statutory auditor for 1MDB's real estate unit 1MDB Real Estate Sdn Bhd and its 486-acre mixed use Bandar Malaysia development (BSMB).Bandar Malaysia launched a RM2.4bn (£446m) Islamic Bond issue in 2014, which the SC says contained irregularities "which may have a material effect on the ability of...

Malaysian Grand Prix: Lewis Hamilton extends championship lead to 34 points but Max Verstappen takes the chequered flag

Sports

Red Bull's Max Verstappen sealed victory at the Malaysian Grand Prix as Lewis Hamilton finished second to extend his lead in the championship standings.Hamilton had started on pole for Mercedes but was passed by Verstappen early on and had no answer to the pace of the Dutchman throughout, with the second Red Bull of Daniel Ricciardo taking the final step on the podium.Despite being unable to seal an eighth win of the season, Hamilton still opens up his gap at the top of the championship over nearest rival Sebastian Vettel.Vettel had started from the back of the grid after an engine problem meant the Ferrari driver could not set a time in qualifying, but he fought hard to finish fourth and limit the damage in the title race.Vettel had started the weekend promisingly but his race was summed ...