American authorities have alleged that more than $4.5 billion was embezzled in all from the fund, and used around the world on luxury yachts, paintings, highend properties and even to finance Wolf of Wall Street, the Hollywood film featuring Leonardo de Caprio.
The counts of abuse of power and criminal breach of trust are punishable by up to 20 years in jail each, while the money-laundering charges are punishable by up to 15 years each.
A Kuala Lumpur High Court granted an application by the prosecutors to withdraw all the charges during case management on Tuesday.
Kuala Lumpur High Court Judge Mohd Nazlan Mohd Ghazali ruled that he will deliver his verdict next month following the close of final submissions.
The move comes after Malaysia's ruling coalition has been having surprise weekend talks with opposition groups on forming a new government.
The indictments carry a maximum penalty of 15 years in jail per charge and a possible fine of five times the amount of money allegedly received illegally.
The aide, who declined to be named, confirmed his arrest.
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