Published: Thu, September 20, 2018
Worldwide | By Isabel Fisher

Najib likely to be charged with abuse of power

Najib likely to be charged with abuse of power

The charge is said to be over the RM2.6 billion case that had been linked to 1Malaysia Development Berhad (1MDB) funds.

According to a statement from the anti-graft agency, Najib was arrested at 4.13pm today (19th September) at their headquarters in Putrajaya and will face more charges under Section 23 (1) of the MACC Act 2009.

Effective July 2018, access to full reports will only be available with a subscription.

The charges relate to funds of about 42 million ringgit ($10.14 million) that allegedly flowed from SRC International, a former 1MDB unit, into Najib's personal bank account.

Najib, 65, is the first former prime minister in the country to have been indicted in a court of law. "There were complaints that the government was not moving fast enough on 1MDB", he told AFP. He has claimed the money was a political donation from Saudi Arabia's royal family.

Allegations that huge sums were looted from the investment vehicle by Najib and his cronies were a major factor in the shock defeat of his long-ruling coalition at elections in May to a reformist alliance headed by Mahathir Mohamad. He and his luxury-loving wife Rosman Mansor became figures of hatred.

It also alleges that $681 million, based on foreign exchange rates at the time of the transaction, of 1MDB funds went into Najib's bank account.

Police have said that investigations have shown that $972 million had been transferred to Najib's bank account from three companies linked to 1MDB. Last month a luxury yacht allegedly bought by a playboy financier with a central role in the scandal was returned to Malaysia after being handed over by Indonesia, which impounded it following a DoJ request.

Like this: