Riza Aziz reportedly pleaded not guilty to all charges. The charges were linked to an ongoing investigation into an alleged corruption conspiracy around the country's state fund 1Malaysia Development Berhad (1MDB).
Aziz was arrested on Thursday by the Malaysian Anti-Corruption Commission (MACC) on charges of money laundering. He was later released, however, after posting bail.
A former prime minister of the nation, Najib Razak, created the 1MDB in 2009 and now reportedly faces 42 criminal charges related to huge investment losses. He has also pleaded not guilty.
According to the US Justice Department (DoJ), over $4.5 billion belonging to 1MDB were allegedly misappropriated by high-level officials and their associates between 2009-2015.
The DoJ is reportedly seeking to recover assets allegedly embezzled from the 1Malaysia Development Berhad sovereign wealth fund.
According to local media reports, Malaysia created the 1MDB fund in 2009 to promote the country's economic growth through direct foreign investment and global partnerships.