Former Malaysian PM Najib Razak was sentenced to 12 years in prison on corruption charges linked to the $ 1 billion scandal, AFP reported.

The former PM was also fined nearly $ 50 million after being convicted of all seven charges in the first of several lawsuits involving the looting of the 1Malaysia Development Berhad Foundation.

He intends to appeal against the verdict and will be allowed to remain at large on bail until the lengthy appeal process is completed.

Billions of dollars were stolen from Malaysia's main public investment fund and spent on everything from luxury real estate to high-end art.

Investment bank Goldman Sachs was also embroiled in a scandal and faced a string of fines in the US and Malaysia as a result.