Malaysia’s ex-PM detained over mysterious $628-million transfer

Reading Time: 2 minutes

Former Malaysian prime minister Najib Razak was arrested on September 19 over allegations that $628 million linked to state investment fund 1Malaysia Development Berhad (1MDB) ended up in his personal bank accounts. According to Malaysia’s anti-graft agency, Najib was detained at its office and is set to be taken to court on September 20 to face charges.

The Malaysian Anti-Corruption Commission said it arrested Najib as part of investigations into the 1MDB state investment fund and ”the entry of 2.6 billion ringgit ($628 million) into his personal account.”

Najib had previously been charged with multiple counts of criminal breach of trust, corruption and money laundering over the scandal involving the 1MDB state fund. He has pleaded not guilty to all charges and has consistently denied wrongdoing.

Those charges involve the transfer of 42 million ringgit ($10.3 million) into his bank accounts from SRC International, a former unit of the 1MDB fund that international investigators say was looted of billions by Najib’s associates.

Najib set up 1MDB when he took power in 2009 for the stated purpose of promoting economic development, but the fund amassed billions in debts and is being investigated in the US and several other countries for alleged cross-border embezzlement and money laundering.

After leaked documents exposed the scandal, Najib sacked critics in his government, muzzled the media and quashed investigations. Public anger led to the defeat of Najib’s long-ruling coalition in May 9 elections and ushered in the first change of power since Malaysia gained independence from Britain in 1957.

The new government reopened the investigations stifled under Najib’s rule and barred him and his wife from leaving the country. Police also seized jewelry and valuables valued at more than $270 million from properties linked to Najib.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

Reading Time: 2 minutes

Former Malaysian prime minister Najib Razak was arrested on September 19 over allegations that $628 million linked to state investment fund 1Malaysia Development Berhad (1MDB) ended up in his personal bank accounts. According to Malaysia’s anti-graft agency, Najib was detained at its office and is set to be taken to court on September 20 to face charges.

Reading Time: 2 minutes

Former Malaysian prime minister Najib Razak was arrested on September 19 over allegations that $628 million linked to state investment fund 1Malaysia Development Berhad (1MDB) ended up in his personal bank accounts. According to Malaysia’s anti-graft agency, Najib was detained at its office and is set to be taken to court on September 20 to face charges.

The Malaysian Anti-Corruption Commission said it arrested Najib as part of investigations into the 1MDB state investment fund and ”the entry of 2.6 billion ringgit ($628 million) into his personal account.”

Najib had previously been charged with multiple counts of criminal breach of trust, corruption and money laundering over the scandal involving the 1MDB state fund. He has pleaded not guilty to all charges and has consistently denied wrongdoing.

Those charges involve the transfer of 42 million ringgit ($10.3 million) into his bank accounts from SRC International, a former unit of the 1MDB fund that international investigators say was looted of billions by Najib’s associates.

Najib set up 1MDB when he took power in 2009 for the stated purpose of promoting economic development, but the fund amassed billions in debts and is being investigated in the US and several other countries for alleged cross-border embezzlement and money laundering.

After leaked documents exposed the scandal, Najib sacked critics in his government, muzzled the media and quashed investigations. Public anger led to the defeat of Najib’s long-ruling coalition in May 9 elections and ushered in the first change of power since Malaysia gained independence from Britain in 1957.

The new government reopened the investigations stifled under Najib’s rule and barred him and his wife from leaving the country. Police also seized jewelry and valuables valued at more than $270 million from properties linked to Najib.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid