Friday, October 23, 2020

1MDB Money Laundering Case: Malaysia fines ex-PM brother and others for theft of 1MDB funds

-

Malaysia has fined the brother of former premier Najib Razak and other people and companies for allegedly receiving money from state fund 1MDB, the country’s anti-graft chief said on Monday.

Malaysian and U.S. investigators say about $4.5 billion was misappropriated from now-defunct state investment fund 1Malaysia Development Berhad (1MDB), set up in 2009 by Najib.

Najib, who lost a general election last year, is now facing dozens of graft and money laundering charges over allegations that he received about $1 billion in 1MDB funds. He has pleaded not guilty.

Latheefa Koya, the head of Malaysia’s Anti-Corruption Commission (MACC), said 420 million ringgit ($100 million) was received by a total of 80 individuals and entities from 1MDB. She did not specify how much the fine amount was.

- Advertisement -

“We have issued compound notices against all of these people and entities for the purpose of them to pay up the fine,” Latheefa told reporters, adding that they could be fined up to 2.5 times the amount received.

The individuals include Najib’s brother Nazir Razak, the former chairman of Malaysia’s second-largest bank, CIMB group Holdings Bhd, and Shahrir Abdul Samad, former chairman of state palm oil agency Felda and also a minister in Najib’s cabinet.

Nazir had received about 25.7 million ringgit in cheques, from 1MDB, Latheefa said.

Nazir did not immediately respond to a request for comment. Shahrir declined to comment.

- Advertisement -

Funds were also distributed to companies, political parties and organisations linked to Najib’s coalition, a list provided by the MACC showed.

“It’s not exhaustive, we have more,” Latheefa said, adding that investigations have been opened into the 80 entities and people.

After winning last year’s election, Prime Minister Mahathir Mohamad’s administration has reopened 1MDB probes, charged dozens of high-ranked officials, and filed civil forfeiture actions in a bid to recover money linked to 1MDB.

Malaysia has also filed lawsuits against Goldman Sachs over its role as underwriter and arranger of three bond sales that raised $6.5 billion for 1MDB.

Since 2016, the U.S. Department of Justice has filed forfeiture lawsuits on about $1.7 billion in assets allegedly bought with stolen 1MDB funds, including a private jet, luxury real estate and jewellery.

MUST READ

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Fundraiser Elliott Broidy pleads guilty in foreign agent case linked to 1MDB

Major Republican Party and Trump fundraiser Elliott Broidy pleaded guilty Tuesday to acting as an unregistered foreign agent, admitting to accepting millions...

Germany issues international arrest warrant for founders of law firm at the centre of Panama Papers

Germany has issued international arrest warrants for the two founders of the firm at the centre of the tax haven scandal exposed by the...
Advertisement
Advertisement

Latest News

This Week

US arrests members of international money laundering group QQAAZZ

The US Department of Justice has unsealed charges against 14 members of an international money laundering group known as QQAAZZ. US authorities said the group...

Germany issues international arrest warrant for founders of law firm at the centre of Panama Papers

Germany has issued international arrest warrants for the two founders of the firm at the centre of the tax haven scandal exposed by the...

Ohio former House Speaker Larry Householder to stand for reelection amid bribery charges

Republican Rep. Larry Householder’s name will be on the ballot Election Day as the disgraced Ohio lawmaker intends to serve his district for another...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks