Former Malaysian PM Najib arrested

04 July, 2018, 06:26 | Author: Emmett Rice
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Anti-graft agents picked up Najib from his home after serving him with a remand order, sources close to the family said.

1MDB, set up by Mr Najib in 2009, was meant to turn the capital, Kuala Lumpur, into a financial hub and boost the economy through strategic investments.

Acording to the Malaysian Insight, former Prime Minister Dato' Seri Najib Tun Razak has just been reportedly arrested at his private residence in Taman Duta.

Sources have said Najib could face multiple charges.

Najib and his wife, who have been questioned over the SRC issue by the anti-graft agency, have been barred from leaving the country. Hundreds of millions of dollars were reportedly found in Najib's personal bank accounts, but he has denied any wrongdoing saying he received $680 million as a donation from Saudi Arabia.

Three years ago, the Wall Street Journal reported that Malaysian investigators had traced the deposit to a state fund 1MDB that Najib founded over a decade ago.

USA investigators say $4.5 billion was stolen and laundered from 1MDB by Najib's associates, including some $700 million that landed in Najib's bank account.

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"Let investigations be carried out".

"As a normal human being, I am not ideal but believe me, that the accusations against me and my family are not all true", he said.

The scandal led to a stunning electoral loss in May of Najib's National Front coalition, which had ruled Malaysia uninterrupted since gaining independence in 1957.

The charges are in relation to the suspected mishandling and misappropriation of funds from SRC International, a former unit of state investment fund 1MDB, between 2011 and 2015.

SRC is the initial focus of the Malaysian investigators as all the suspicious transactions involving the firm were made through Malaysian entities, unlike other 1MDB-related transactions that went through foreign banks and companies.

The 64-year-old was beaten in a general election in May by his mentor-turned-foe Mahathir Mohamad, after the scandal became public. Bhd, which is former subsidiary of 1MDB.

Police say they recovered $273m in luxury goods and cash from a raid in June, calling the seizure of valuables the biggest in Malaysian history. "I have not had a chance to defend myself", he said.

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