ibusinesslines.com October 18, 2018

Najib Razak to Give 1MDB Statement

22 May 2018, 10:01 | Justin Tyler

Najib Razak to Give 1MDB Statement

Najib Razak to Give 1MDB Statement

His press conference came shortly after Najib Razak, the former prime minister who ran the country during the 1MDB scandal, entered the MACC to give a statement.

However, US investigators say associates of Najib stole and laundered the money from the state investment fund through US bank accounts, some of which allegedly landed in the ex-prime minister's bank account.

The MACC is "trying hard" to get cooperation from countries including United Arab Emirates, Qatar and Saudi Arabia to access overseas statements, as it only has domestic documents at the moment, Mohd Shukri said. As reports proliferated in recent years that billions were looted from 1MDB, Najib's government shut down domestic inquiries into the scandal, arrested critics calling for a full investigations and muzzled news organisations reporting on the affair.

That shock election result upended Malaysia's political order, as it was the first defeat for a coalition that had governed the Southeast Asian nation since its independence from colonial rule in 1957.

MACC has been able to track the money trail from SRC more easily because transactions were made through Malaysian entities, whereas most other transfers of 1MDB funds went through foreign banks and companies.

SRC International was set up by 1MDB in January 2011 using a 15 million ringgit government grant, out of the approved 20 million ringgit, according to an executive summary of a declassified report by the auditor general. The task force will look into allegations that Najib Razak had about 700 million dollars sent from a state development fund to his personal account.

Najib and his wife have been barred from leaving the country.

Najib has consistently denied any wrongdoing since the 1MDB scandal erupted in 2015, but he replaced an attorney-general and several MACC officers allegedly to shut down an initial investigation.

The task force will consist of officials from law enforcement, an anti-graft agency and the Malaysian Central Bank. He slammed raids on apartments occupied by his children, accusing police of taking baby shoes and wedding gifts that were unrelated to the 1MDB case.

The re-opened 1MDB investigation, which will be spearheaded both by the MACC and a newly appointed 1MDB taskforce, will focus on bringing back the money which was spent all over the world in places such as the US, Switzerland and Singapore.

"Charge, investigate, prudently", Nurul said on Twitter.

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