Reuters Malaysian anti-corruption agents arrested former Prime Minister Najib Razak on Tuesday following a probe into how money went missing from a state fund he founded almost a decade ago and authorities said he would be charged in court on Wednesday.
Since a shock election loss to his mentor-turned-foe Mahathir Mohamad in May, Najib has been barred from leaving the country and had millions of dollars of items seized from properties linked to him as part of the probe into 1Malaysia Development Berhad (1MDB).
The 92-year old Mahathir said in an interview with Reuters last month that embezzlement and bribery with government money were among the charges that Malaysia was looking to bring against Najib, 64, adding they had “an almost perfect case” against him.
Najib’s arrest was in relation to a probe into SRC International, a former 1MDB unit, a task force investigating the fund said on Tuesday. One source close to Najib’s family said he was expected to be charged with abuse of power at SRC. Anti-graft agents picked up Najib from his home after serving him with a remand order, sources close to the family said. A Najib spokesman did not immediately have a comment and Najib has consistently denied wrongdoing.
Founded by Najib in 2009, 1MDB is being investigated in at least six countries for alleged money laundering and graft.
Civil lawsuits filed by the US Department of Justice allege that nearly $4.5 billion from 1MDB was laundered through a complex web of transactions and shell companies. But the initial focus of the Malaysian Anti-Corruption Commission investigation focussed on how 42 million ringgit went from SRC International to Najib’s account.
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.