Former Malaysian PM Najib arrested on graft charges

Image
IANS Kuala Lumpur
Last Updated : Jul 03 2018 | 3:40 PM IST

Former Malaysian Prime Minister Najib Razak was arrested on Tuesday by anti-corruption authorities in relation to state development fund 1MDB graft scandal.

The Malaysian Anti-Corruption Commission (MACC) said in a statement that Najib was arrested at around 2.35 p.m. (local time) from his private house over investigation linked to SRC International, a former unit of 1MDB, the BBC reported.

Najib has been accused of pocketing $700 million from the fund, set up by him in 2009. Billions of dollars are unaccounted for from the fund, authorities say.

MACC said Najib will be charged at the Kuala Lumpur court on Wednesday.

He has been under investigation since his shock election loss in May to Prime Minister Mahathir Mohamad. Najib denies wrongdoing.

Last week police said they had seized $225 million in luxury handbags, jewellery, cash and goods from six properties linked to the former leader as part of the investigation into the 1MDB scandal. He has been banned from leaving Malaysia.

--IANS

soni/

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jul 03 2018 | 3:34 PM IST

Next Story