Former Malaysian Prime Minister Najib Razak arrives at the Kuala Lumpur High Court for a hearing on Oct. 14. Najib has paid a $12 million fine, allowing him to serve the rest of his jail sentence under house arrest, his party said Friday. | REUTERS

KUALA LUMPUR – Jailed Malaysian former Prime Minister Najib Razak paid a $12 million fine on Friday, allowing him to serve the rest of his sentence under house arrest, his party has said.

The 73-year-old former leader was jailed for his role in one of the largest-ever global plunders of a sovereign wealth fund, the now-defunct 1Malaysia Development Berhad (1MDB).

“UMNO has completed all payment processes to the Kuala Lumpur High Court this morning,” the United Malays National Organisation said in a statement, referring to the 50 million ringgit ($12 million) fine.

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