You are here: Home » News-IANS » Politics
Business Standard

Former Malaysian PM Razak banned from leaving country

IANS  |  Kuala Lumpur 

Former Malaysian Najib Razak, who was defeated in the general elections, has been banned from leaving the country, Immigration officials said on Saturday.

Najib said he and his wife were planning to go on an overseas holiday following which the made the announcement via its social site account, reported.

He gave no reasons for the authorities' decision but said he would abide by it. "I respect this instruction and will stay in the country with my family," he tweeted.

It is believed they intended to fly to Indonesian capital

Najib also announced that he was stepping down as the of his (UMNO) and the (BN) coalition following the poll defeat.

"As the of UMNO and the of Barisan Nasional, I made the decision that I am stepping down as and with immediate effect," he said at the UMNO headquarter in

In a historic election earlier this week, Najib's BN coalition, which had been in power since Malaysia's independence in 1957, lost to the Pakatan Harapan coalition led by Mahathir Mohamad, who took office as

Najib has been accused of diverting $700 million from a state investment fund in 2015, a charge he denies. He has since been cleared by the authorities.

He had faced accusations of corruption and mismanagement over the state investment fund (1MDB). 1MDB, set up by Najib in 2009, was meant to turn into a financial hub and boost the economy through strategic investments.

But it started to attract negative attention in early 2015 after it missed payments for some of the $11 billion it owed to banks and bondholders.

After that, there were reports of around $700 million transferred from the fund to Najib's

The new government led by Mahathir vowed to re-open the investigation into the scandal of state investment fund 1MDB. Mahathir has said that if Najib were found to do something wrong, "he will have to face the consequences".

--IANS

and/soni/mr

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, May 12 2018. 15:00 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU