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Malaysia PM Declared Free of Fraud

Malaysia PM Declared Free of FraudMalaysia PM Declared Free of Fraud

Malaysia’s anti-graft agency said nearly $700 million deposited into the Prime Minister Najib Razak’s personal bank accounts were from “donations” and not related to a brewing scandal.

Najib has faced mounting pressure in the past year over a series of revelations alleging that hundreds of millions of dollars were siphoned off from a state-owned company linked to him, France24 reported.

The Wall Street Journal last month reported that Malaysian government investigators had found nearly $700 million were routed to his personal bank accounts.

In a statement on Monday, the Malaysian Anti-Corruption Commission acknowledged the funds were transferred to Najib’s accounts, but said they were not linked to the company, 1Malaysia Development Berhad, or 1MDB.

“Investigations revealed that the $670 million alleged to have gone into (Najib’s) account was from donors’ contributions, and not funds from 1MDB.”

It did not specify the identities of the donors, but said investigations were continuing.

Both Najib and 1MDB, which he launched in 2009, strongly deny wrongdoing, with Najib accusing political opponents of a conspiracy to topple him.

The anti-graft agency’s announcement is the latest move by the government to spark accusations from the opposition that a coverup is underway.

 

Financialtribune.com