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Former Malaysian PM Arrested Following Corruption Charges

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| July 3 , 2018 , 17:34 IST

Malaysia's anti-graft agency arrested the Former Malaysian Prime Minister Najib Razak on Tuesday. He was charged for corruption in 1Malaysia Development Berhad (1MDB) state fund case.

The Malaysian strategic development company 1MDB,  founded by Najib in 2009, is being investigated in at least six countries for money laundering and graft. 

Malaysian Prime Minister Mahathir Mohamad said in an interview that authorities were planning to bring theft and bribery charges against the Former Malaysian PM after an inquiry into the suspected theft of billions of dollars from the state-run fund.

 

The Malaysian Anti-Corruption Commission (MACC) in the initial investigation focused on how $10.6 million went from SRC International to Najib’s account.

SRC was created in 2011 by Najib’s government to pursue overseas investments in energy resources and was a unit of 1MDB until it was moved to the finance ministry in 2012. Later,  the civil lawsuits appointed by the U.S. Department of Justice alleged that $4.5 billion was stolen from 1MDB.

US Department of Justice is seeking to seize $US1.7 billion in real estate, artworks and other luxuries bought with money looted from the 1Malaysia Development Berhad (1MDB) state fund.