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Less than two months after losing power in a shocking defeat, former Malaysian leader Najib Razak is now facing a legal battle against charges that could see him in jail.
the disappearance of billions of dollars from the 1MDB state fund, according to the working group investigating the case. He was to be charged on Wednesday in Kuala Lumpur, he said in a statement, without giving more details. The Bernama News Agency reported that he could face more than 10 counts of criminal breach of trust, citing a source.
Photographer: Joshua Paul / Bloomberg
Najib will be held overnight at the headquarters of the Malaysian Anti-Corruption Commission. Putrajaya, according to an official. The authorities had previously banned him from leaving the country. A spokesman for Najib, who repeatedly denied wrongdoing, did not immediately respond to calls for comment.
The arrest is the last chapter of a stunning fall for Najib, the son of a former 23-year-old prime minister and then rose to become the most powerful person in Malaysia. The 1MDB scandal galvanized an opposition led by his former mentor Mahathir Mohamad, who at the age of 92 joined a disparate coalition to oust Najib
Read more: Malaysia summons the producer of the wolf of Wall Street 1MDB Probe [19659002"PourleDrMahathirilnes'agitpasseulementdegagnerl'affairemaisildoitaussimontrerquesongouvernementestcapabledeprouverqueNajibestcoupableetqu'ilnes'agitpasdechargespolitiques"adéclaréEugeneTanassociéprofesseuràlaSingaporeManagementUniversity"NajibnevapasprendreçacouchéCeseralecombatdesavieavecsalibertéenjeu"
"Wolf of Wall Street"
Shortly after taking office, Mahathir has relaunched an investigation into the state investment company set up by Najib. recovers $ 4.5 billion that disappeared, as well as the fees paid to Goldman Sachs Group Inc. A parliamentary committee in 2016 identified at least $ 4.2 billion in irregular transactions by the fund, with the department of United States Justice buy a 300-foot yacht, luxury homes, works of art and stints in several Hollywood movies, including "The Wolf of Wall Street."
The scandal had thrown a cloud over Malaysian business and angry investors. Markets were frightened by the May 23 disclosure that the government's debt and liabilities had jumped to 1.087 billion ringgit ($ 268.4 billion), inflated by state guarantees to borrow from 1MDB. The ringgit has slipped to a six-month low and foreign ownership of the nation's bonds has dropped to the lowest since August. The challenge for Mahathir is now to deliver on his promises to eradicate the corruption that plagues many ministries.
Malaysian police said last week they seized some $ 273 million worth of raids related to Najib. They included silver stacks, Hermes International handbags, Rolex watches, a diamond necklace and over 200 pairs of designer sunglasses.
Read QuickTake Q & A: How the 1MDB scandal shook the financial world
connection with SRC International Sdn., According to a statement from the working group. SRC International was a former unit of 1Malaysia Development Bhd Bernama reported in May that investigators had asked Najib for an unspecified amount of funds he had received from the company.
In January 2016, former Attorney General Mohamed Apandi Ali had cleared Najib of wrongdoing with respect to SRC, saying that there was no evidence that He knew that the company's money was being transferred to his personal accounts. Meanwhile, Swiss investigators said that in October 2016, some $ 800 million in natural resources investments by SRC International had been diverted, partly concealed by the creation of new funds. a Ponzi scheme.
Najib's supporters mobilized on Tuesday. The female wing of Najib's party, the United Malays National Organization, called for a "transparent and fair" trial and said its members would hold special prayers for him
"The trial should be fair but quick for the good of closing a sad chapter in the history of the nation, "said Oh Ei Sun, senior advisor for international affairs at the Asian Institute of Strategy and Leadership in Kuala Lumpur. "But I think it will continue because Najib has formed a stellar legal team."
– With the help of Shamim Adam
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