Hirunews Logo
1MDB%3A+Malaysian+PM+Under+Pressure+Over+%241bn+US+Fraud+Case
Thursday, 21 July 2016 - 16:40
1MDB: Malaysian PM Under Pressure Over $1bn US Fraud Case
5

Shares
673

Views

Malaysian PM Najib Razak is facing pressure internationally and at home amid US allegations of massive fraud at state investment fund 1MDB.

The fund was set up by Mr Najib in 2009 with the stated aim of boosting the Malaysian economy.

But US Attorney General Loretta Lynch said evidence showed it had defrauded Malaysians "on an enormous scale".

On Wednesday, US authorities moved to seize more than $1bn (£761m) in assets related to the fund.

Mr Najib is not named in the papers and has consistently denied wrongdoing.

But he is identifiable as "Malaysian Official 1", whose account allegedly received millions in funds originating from 1MDB.

The $1bn the US hopes to seize would make up only a proportion of the more than $3.5bn (£2.6bn) allegedly diverted, foreign media reports.

Make a Comment
Make a Comment

DOWNLOAD HIRUNEWS APP ON ANDROID & APPLE
News Image
Hiru News Programme Segments
494 Views
408 Views
3,385 Views
8,626 Views
12,122 Views
53,704 Views
Top