Malaysian Prime Minister Najib Razak has bought millions of dollars worth of luxury items using funds that investigators believe were siphoned from a struggling state development fund, according to a Wall Street Journal report published Thursday morning local time.
It is the latest development in a scandal that has embroiled Najib and led many Malaysians — including former Prime Minister Mahathir Mohamad, once Najib’s political mentor — to demand his resignation.
Last July, the Journal and the London-based investigative news website Sarawak Report reported that Najib’s personal accounts held nearly $700 million in funds that had been traced to 1Malaysia Development Berhad (1MDB), a debt-saddled investment fund launched by Najib during his first months in office in 2009. (Last month, the Journal reported that the sum was larger than originally believed — upwards of $1 billion.) Full story...
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It is the latest development in a scandal that has embroiled Najib and led many Malaysians — including former Prime Minister Mahathir Mohamad, once Najib’s political mentor — to demand his resignation.
Last July, the Journal and the London-based investigative news website Sarawak Report reported that Najib’s personal accounts held nearly $700 million in funds that had been traced to 1Malaysia Development Berhad (1MDB), a debt-saddled investment fund launched by Najib during his first months in office in 2009. (Last month, the Journal reported that the sum was larger than originally believed — upwards of $1 billion.) Full story...
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