Close to $944m from 1MDB state fund allegedly went into Najib's personal account

Close to $944m from 1MDB state fund allegedly went into Najib's personal account
Malaysia's Prime Minister Najib Razak.
PHOTO: The Straits Times

UPDATE (11.50am):

Malaysian state fund 1MDB said on Friday that it had not provided any money to Prime Minister Najib Razak, after a Wall Street Journal report claimed that close to US$700 million (S$944 million) was wired to his personal account from agencies, banks and companies linked to the fund.

"In reference to media reports published earlier today, 1MDB wishes to make clear that the company has never provided any funds to the Prime Minister," the statement said. "To suggest otherwise, as some media outlets have done, is highly irresponsible and a deliberate attempt to undermine the company."


Malaysian Prime Minister Najib Razak had close to US$700 million (S$944 million) in deposits from troubled state fund 1MDB wired into his personal account, the Wall Street Journal reported on Friday, citing documents from a government probe.

There were five deposits into Najib's account and the two largest transactions, worth US$620 million and US$61 million, were done in March 2013 during an election campaign in Malaysia, the newspaper said.

A Malaysian government spokesman told the newspaper that the prime minister had not taken any funds for personal use.

Reuters could not independently verify the newspaper report.

A spokesman for the prime minister's office told Reuters that a statement would be issued later in the day. He gave no immediate response to the report.

A spokesman for 1MDB was quoted by the Wall Street Journal as saying it was unaware of any such transactions and had not seen any documents to this effect. A fund spokesman told Reuters a statement would be issued "in the next couple of hours".

The state fund has faced a storm of criticism over its debt of nearly US$11.6 billion and financial mismanagement. Najib chairs the fund's advisory board.

The fund is facing separate investigations by the country's central bank, auditor-general, police force and the parliament's Public Accounts Committee.

The auditor-general will present an interim report on its probe during a briefing with the Public Accounts Committee on July 9, The Edge Financial Daily said on Friday.


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