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07 October 2019
HALAL ECONOMY

Malaysia seeks 1MDB funds from Najib’s brother, ex-ministers

The nation’s investigators are taking a pragmatic approach to recoup funds lost through troubled state fund, saying they will not pursue charges against those who willingly return the money voluntarily.

MALAYSIA/BLOOMBERG


Malaysia is asking the brother of ex-premier Najib Razak and former cabinet ministers to return funds believed to have come from 1MDB or risk being prosecuted, reported Bloomberg.

The Malaysian Anti-Corruption Commission is seeking about MYR 420 million ($100 million) from 80 individuals and entities, including Nazir Razak, former chairman at CIMB Group Holdings and brother to ex-premier.

The agency also named former Deputy Finance Minister Ahmad Maslan and former Trade Minister Shahrir Samad, who was chairman of the Federal Land Development Authority until last year.

Malaysian Prime Minister Mahathir Mohamad has prioritised recovering funds believed to be lost through the troubled state fund, including seeking about $6.5 billion compensation from Goldman Sachs for its involvement in 1MDB.

Additionally, the US authorities returned around $200 million of funds allegedly misappropriated from 1MDB to Malaysia, while Singapore is returned some $26 million that was previously surrendered by Roger Ng, a former Goldman banker.


RELATED STORIES: GOLDMAN SACHS FORMER PRIME MINISTER NAJIB RAZAK 1MDB MALAYSIAN ANTI-CORRUPTION COMMISSION PRIME MINISTER MAHATHIR MOHAMAD CIMB GROUP HOLDINGS


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