Malaysian premier Najib Razak is believed to be linked to the stolen funds.
Malaysian Prime Minister Najib Razak has effectively abandoned his
bureaucrats linked to the long-running scandal involving 1Malaysia
Development Berhad (1MDB), saying they would have to fend for themselves against legal action launched in the United States.
“The civil suits brought by the U.S. Justice Department regarding
1MDB must be given space and opportunity for the judicial process to be
carried out. Any individual who has been named must clear their own
names,” Najib wrote in a social media post.
Najib is unnamed in the suits but is reportedly referred to as Malaysian Official 1 in the American lawsuits. Those who have read all the court documents say he is referred to 36 times.
The United States is suing for the return of $1 billion in assets
from $3.5 billion allegedly misappropriated by the fund, which has also
accumulated losses of $11 billion. Recent reports also claim a secret deal was hatched between Najib and a Chinese state company to pay off those debts.
Of this, Najib has faced allegations that almost $700 million was
transferred from the fund he founded in 2009 to his personal bank
accounts ahead of elections in 2013.
U.S. lawsuits also say money was moved between an account held by
Malaysian Official 1 and Eric Tan Kim Loong, a business associate of
financier Low Taek Jho, a confidante of Najib.
Also named was Najib’s stepson and founder of Red Granite Pictures,
Riza Aziz. Perhaps ironically, Red Granite produced the Oscar-nominated
film The Wolf of Wall Street.
Najib denies any allegation of wrongdoing.
Read more on The Diplomat
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