International
0

Treasure Trove Seized From Ex-Malaysia PM

Treasure Trove Seized From  Ex-Malaysia PMTreasure Trove Seized From  Ex-Malaysia PM

A vast trove of valuables seized in raids on properties linked to Malaysia’s scandal-mired former leader, including cash, jewelry and luxury handbags are worth up to $273 million, police said Wednesday. The searches, part of investigations into scandal-hit sovereign wealth fund 1MDB, netted 12,000 pieces of jewelry, bags containing almost $30 million in cash across 26 different currencies, more than 400 watches worth $19.3 million and other high-end designer goods, AFP reported. “I think this is the biggest seizure in Malaysian history,” said Amar Singh, the police’s head of commercial crime investigations, after officials completed the mammoth task of valuing all the items they uncovered in raids around Kuala Lumpur last month. He said the items were worth between 910 million ringgit ($225 million) and 1.1 billion ringgit ($273 million). The official salary of Najib Razak, the former premier, while in office was 22,827 ringgit ($5,670) a month. Allegations of massive corruption were a major factor behind last month’s shock election loss of Najib’s long-ruling coalition to a reformist alliance headed by Mahathir Mohamad.

 

Add new comment

Read our comment policy before posting your viewpoints

Financialtribune.com