malaysia inquiry cites murky fund payments urges probe
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Malaysia inquiry cites murky fund payments, urges probe

Arab Today, arab today

Arab Today, arab today Malaysia inquiry cites murky fund payments, urges probe

Malaysia's PM Najib Razak, who founded the state investment fund 1Malaysia Development Berhad (1MDB)
Kuala Lumpur - AFP

A Malaysian parliamentary inquiry presented on Thursday said a state-owned fund linked to Prime Minister Najib Razak made more than $3 billion in unexplained overseas payments, calling for its former CEO to be investigated.

The report by the parliament's Public Accounts Committee (PAC) marked the first time an official Malaysian probe has suggested misconduct or recommended action over the scandal swirling around Najib.

Najib, who founded the state investment fund 1Malaysia Development Berhad (1MDB) in 2009, has battled for months to fend off allegations that billions of dollars were looted from 1MDB in complex overseas financial transactions.

He and 1MDB have consistently denied wrongdoing.

But the PAC said more than $3 billion in unapproved payments were made from 1MDB funds, and alleged "restrictions and weaknesses" in 1MDB's management.

"The PAC is of the opinion that the former CEO of 1MDB Shahrol Azral Ibrahim Halmi has to take responsibility for those restrictions and weaknesses," the 106-page report said.
"As such, enforcement agencies are asked to investigate Shahrol Azral Ibrahim Halmi and anyone else related."

Shahrol was 1MDB's CEO from 2009 to 2013.

The report did not make further recommendations on who should be investigated, nor did it allege misconduct by Najib.

Najib has faced a cascade of corruption allegations stemming from 1MDB's troubles and his own admitted acceptance of a mysterious $681 million overseas payment.

Swiss authorities have said as much as $4 billion may have been stolen from 1MDB.

Authorities in Switzerland, the United States, Singapore, Hong Kong and elsewhere are investigating.

Critics have alleged debt-stricken 1MDB, set up to fuel Malaysian development projects, was bled dry in a vast campaign of fraud and embezzlement stretching from the Middle East to the Caymans.

The Wall Street Journal, which has detailed many of the money movements, also last year revealed the $681 million payment made to Najib's bank accounts in 2013.

It has said in subsequent reports that he may have received more than $1 billion.

Najib has taken steps to scuttle official investigations, purge officials demanding accountability, and stifle media reporting on the scandals.

He initially denied taking the $681 million but his government now claims he accepted a "donation" from the Saudi royal family, most of which was given back.

Saudi Arabia is yet to confirm that explanation, which is widely dismissed in Malaysia as a cover story.

The Journal last week said documents show the same Najib bank accounts were used to purchase $15 million in luxury goods and pay out millions more to political figures ahead of 2013 elections.

The newspaper also reported that some of the money used to make Hollywood hit "The Wolf of Wall Street", a movie about financial corruption starring Leonardo DiCaprio, was laundered from 1MDB.
 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

malaysia inquiry cites murky fund payments urges probe malaysia inquiry cites murky fund payments urges probe

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

malaysia inquiry cites murky fund payments urges probe malaysia inquiry cites murky fund payments urges probe

 



GMT 21:16 2016 Monday ,27 June

Zaki Badr discusses cleaning problem in Giza

GMT 21:46 2017 Saturday ,14 January

Turkey arrests 60 businessmen for alleged Gulen ties

GMT 22:38 2017 Friday ,24 March

Abbas meets with Merkel in Berlin

GMT 09:02 2017 Monday ,27 March

Tunisian Premier Concludes Visit to Sudan

GMT 15:54 2017 Friday ,01 September

Attorney General Directs Prosecutors to inspect Prison

GMT 09:22 2017 Sunday ,31 December

HM King condoles with Afghanistan President

GMT 10:12 2016 Wednesday ,06 April

Strong dollar, mild weather shrink H&M profits

GMT 17:03 2016 Saturday ,24 December

7 police killed in attacks in Afghansitan

GMT 13:51 2017 Friday ,17 March

Israel denies Syria shot down a warplane

GMT 04:08 2017 Thursday ,05 January

Carbon tax can fund clean energy transition

GMT 19:27 2016 Wednesday ,14 September

Alstom to go ahead with plans to shut down Belfort plant
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday