Local media is reporting that inside sources have revealed that former prime minister Najib Razak will face fresh charges this week to add to a growing list of corruption woes stemming from accusations of fund misappropriation from the 1MDB sovereign wealth fund.
New Straits Times is reporting that the prosecution is looking to hold Najib liable in last year’s debt settlement between 1MDB and International Petroleum Investment Co (IPIC), the Abu Dhabi wealth fund.
According to sources from within the Malaysian Anti-Corruption Commission (MACC), prior to the new government taking power, Najib and his administration authorized using taxpayer money to settle the debt. Allegedly, this was done without approval of even the cabinet.
The payment came as a result of a failure for 1MDB to settle a bond remittance to IPIC due back in 2016. Najib later reached a settlement in 2017, using the Finance Ministry where he was also the minister, to repay US$1.2 billion to the Abu Dhabi fund over a US$6.5 billion claim they made.
As chairman of 1MDB’s board of advisers up to May 2016, when it was dissolved and its responsibilities transferred to the Finance Ministry, much of wealth fund’s actions fall on Najib’s shoulders.
New Straits Times reports exclusively that these charges will be related to criminal breach of trust.
Najib has been summoned to MACC headquarters in Putrajaya twice over the 1MDB and IPIC dealings: He was quizzed for six hours on October 16, and again, two days later.
It is understood that it is now up to the Attorney-General’s Chambers to file charges against Najib.
If the accusations do indeed prove to be true, the former prime ministers charges will creep from the current 32 to nearly 40.
