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  HOME | Business & Economy (Click here for more)

Malaysia Fines 80 People, Entities in 1MDB Cases

KUALA LUMPUR – Malaysia fined on Monday 80 people, companies, political parties and other entities for allegedly receiving money from the state 1Malaysia Development Berhard (1MDB) fund.

On the list presented by Anti-Corruption Commission head Latheefa Koya on Monday, there were nine individuals, 23 companies, five foundations and 43 political parties, including 23 branches of the United Malays National Organization, in power from 1965 until May 2018.

Koya said that the authorities hope to recover around 420 million ringgit ($100 million) with fines imposed, which could total up to 2.5 times the amount received.

The individuals fined also include Nazir Razak – brother of former prime minister Najib Razak who is a key figure in the IMDB corruption scandal – as well as important bankers and businessmen.

Najib, 66, faces 42 charges including money laundering and abuse of power over allegations he received 1MDB funds in the scandal that caused the politician’s downfall in the general elections in May. He has pleaded not guilty.

The United States justice department has estimated that the total amount of money diverted from the fund reached $4.5 billion, of which around $1 billion was laundered inside the country through the purchase of luxury real estate, yachts, jewelry and artworks.

Najib created 1MDB in 2009, the year he rose to power, with the purpose of attracting foreign investment and creating a financial district in the country’s capital, Kuala Lumpur.

 

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