Authorities investigating scandal-hit state fund 1Malaysia Development Berhad (1MDB) are considering charging former prime minister Datuk Seri Najib Tun Razak with money laundering and misappropriation of property, a source familiar with the matter said.<\/p>\n
Najib, who founded 1MDB in 2009, is the subject of a money laundering and corruption probe, after reports that millions of dollars made their way into his personal bank accounts from the fund and its former subsidiary, SRC International.<\/p>\n
The former premier has consistently denied any wrongdoing in relation to 1MDB.<\/p>\n
Najib, 64, suffered a shock loss in the May 9 general election, the first change of government since Malaysia gained independence from Britain in 1957.<\/p>\n
Tun Dr Mahathir Mohamad, who was elected prime minister, has vowed to bring back funds allegedly siphoned from 1MDB and punish those responsible.<\/p>\n
Malaysia’s new Attorney General Tommy Thomas said on Tuesday (June 12) his office was studying possible criminal and civil action, after receiving the 1MDB investigation papers from the Malaysian Anti-Corruption Commission (MACC).<\/p>\n
A source close to the investigations told Reuters that Najib may be charged with dishonest misappropriation of property under the Malaysian Penal Code.<\/p>\n
The source declined to be identified as they were not authorised to speak on the matter.<\/p>\n
The offence carries a maximum jail sentence of five years, a fine and whipping.<\/p>\n
The law, however, forbids men over the age of 50 years from being whipped.<\/p>\n
Any fine would be decided by the court depending on the offence and amount misappropriated.<\/p>\n
According to the source, Najib may also face money laundering charges, which would carry a maximum sentence of 15 years’ jail and a fine of no less than five times the value of the laundered proceeds.<\/p>\n
It is now up to the Attorney General to decide whether or not to accept the recommendations, file different charges, or call for further investigations.<\/p>\n
The previous attorney general cleared Najib of wrongdoing in relation to 1MDB.<\/p>\n
The MACC and the Attorney General’s office did not respond to requests for comment, and neither did Najib’s spokesman.<\/p>\n
Najib said this week that if he was charged on “political grounds”, he was confident the courts would find him innocent.<\/p>\n
1MDB is the subject of money-laundering probes globally, including the United States, Switzerland and Singapore.<\/p>\n
The US Department of Justice has alleged more than US$4.5bil (RM17.93bil) was misappropriated from 1MDB, about US$700mil (RM2.6.78bil) of which ended up in Najib’s personal bank accounts.<\/p>\n
Police on Monday (June 11) raided another house linked to Najib in the administrative capital of Putrajaya, the latest premises to be searched in connection with their investigation into 1MDB.<\/p>\n
Authorities seized hundreds of luxury handbags and dozens of other bags filled with jewellery and cash in earlier searches of premises linked to Najib.<\/p>\n
MACC this week called on four individuals to assist in its probe of 1MDB, including an aide to Low Taek Jho, popularly known as Jho Low, a central figure in the 1MDB scandal closely linked to Najib and his family. \u2013 Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"
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