Malaysia freezes Najib's party bank accounts linked to 1MDB

Malaysia's 1MDB task force freezes more than 400 bank accounts amid probe

Malaysia's 1MDB task force freezes more than 400 bank accounts amid probe

Anti-graft officials have said Najib may face criminal charges soon.

Zahid had on Aug 22, 2015 said at the opening of the Sri Gading Umno division that he had met the chief investment officer and wealth trustee of the Arab family who donated RM2.6 billion that was transferred into Najib's personal account.

The United Malays National Organisation (UMNO) elected Ahmad Zahid Hamidi, formerly deputy premier under prime minister Najib Razak who was voted out of office amid anger over a multi-billion dollar scandal at state fund 1Malaysia Development Berhad (1MDB) and an unpopular consumption tax.

A Najib spokesman did not immediately have a comment.

USA authorities say over $4.5 billion was misappropriated from 1MDB, and that almost $700 million from the fund was diverted into the former premier's personal bank accounts.

Police said earlier this week that they seized cash amounting to $226 million and luxury items worth $273 million from Najib's premises in connection with the 1MDB probe.

Since losing the election, Najib has been barred from leaving Malaysia, questioned by the MACC and has had his personal and family houses searched as part of the 1MDB probe.

U.S. wants to reduce Iran's oil revenue to zero
On Fox, Trump directed blame at the Organisation of Petroleum Exporting Countries, of which Saudi Arabia is a member. As a result of those sanctions, companies that do business with Iran could face penalties from the U.S.

The report stated that the UMNO president will be asked to explain about the allegations in which a total of RM800,000 was used to pay off credit cards belonging to him and his wife.

Mahathir said in an interview with Reuters last month that embezzlement and bribery with government money were among the charges that Malaysia was looking to bring against Najib, adding they had "an nearly flawless case" against him.

"The 1MDB taskforce confirms it has frozen a number of accounts owned by individuals and organizations, including UMNO and other political parties believed to be involved in the misappropriation of 1MDB funds", it said in a statement.

Former prime minister Datuk Seri Najib Razak had been interviewed for almost six hours by the MACC in its investigation into a former subsidiary of 1MDB.

Najib has said the money was for election purposes and that it came from "genuine donations".

Finance Minister Lim Guan Eng told Reuters this month that UMNO was not the only political party to have received 1MDB funds.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.