Former Malaysian Prime Minister Najib Razak says a huge haul of jewellery and valuables seized by police from properties linked to him as part of a money-laundering probe were mostly gifts and the police valuation was likely grossly inflated.
Police yesterday estimated the total value of cash, jewellery, watches and handbags to at least USD 273 million, calling last month's seizure the biggest in Malaysia's history.
Police say the items comprise 12,000 pieces of jewellery, 567 handbags, 423 watches and 234 sunglasses. The jewellery includes 2,200 rings, 1,400 necklaces, 2,100 bracelets, 2,800 pair of earrings, 1,600 brooches and 14 tiaras.
Najib said today the estimate based on current prices was unrealistic and inflated as the items were gifts given over decades.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
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