Malaysia fines 80 people, companies in 1MDB case
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Thursday
February 02, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
THURSDAY, FEBRUARY 02, 2023
Malaysia fines 80 people, companies in 1MDB case

World+Biz

Reuters
07 October, 2019, 10:50 am
Last modified: 07 October, 2019, 11:02 am

Related News

  • Malaysia PM Anwar tells Goldman to pay up on 1MDB settlement
  • Malaysia says Luxembourg court sets aside request to enforce $15 billion arbitration award
  • Boy rescued from container in Malaysia identified as Ratul from Cumilla
  • Bangladeshi boy rescued from container shipped to Malaysia
  • Malaysian urges palm oil producers to boost cooperation after EU rules

Malaysia fines 80 people, companies in 1MDB case

1Malaysia Development Berhad funds were distributed to individuals, companies, political parties and organisations linked to former Malaysian Premier Najib's coalition

Reuters
07 October, 2019, 10:50 am
Last modified: 07 October, 2019, 11:02 am
Foliage partly covers a 1 Malaysia Development Berhad (1MDB) billboard at the funds flagship Tun Razak Exchange development in Kuala Lumpur, Malaysia, July 3, 2015/ Reuters
Foliage partly covers a 1 Malaysia Development Berhad (1MDB) billboard at the funds flagship Tun Razak Exchange development in Kuala Lumpur, Malaysia, July 3, 2015/ Reuters

Malaysia has fined 80 individuals and entities for allegedly receiving money from state fund 1MDB, the country's anti-graft chief said on Monday.

Malaysian and US investigators say about $4.5 billion was misappropriated from 1Malaysia Development Berhad (1MDB), set up in 2009 by former Prime Minister Najib Razak.

Najib, who lost a general election last year, is now facing dozens of graft and money laundering charges over allegations that he received about $1 billion in 1MDB funds. He has pleaded not guilty.

Latheefa Koya, the head of Malaysia's Anti-Corruption Commission (MACC), told reporters the agency was aiming to recover 420 million ringgit ($100 million) from individuals and entities who had allegedly received funds laundered through accounts linked to Najib.

"We have issued compound notices against all of these people and entities for the purpose of them to pay up the fine," Latheefa said, adding that they could be fined up to 2.5 times the amount received.

The individuals include Najib's brother Nazir Razak, the former chairman of Malaysia's second-largest bank, CIMB, and Shahrir Abdul Samad, former chairman of state palm oil agency Felda.

Funds were also distributed to companies, political parties and organisations linked to Najib's coalition, a list provided by the MACC showed.

A spokeswoman for Nazir did not immediately respond to a request for comment. Shahrir declined to comment.

In 2015, Nazir went on a leave of absence after the Wall Street Journal reported that he received around $7 million from Najib and disbursed the funds to other politicians before elections in 2013.

An independent review into the money transfer concluded that Nazir did not misuse his position and there was no inappropriate use of the CIMB's resources, following which Nazir resumed his duties as chairman. He resigned last year after three decades at the bank.

Nazir had received about 25.7 million ringgit in cheques, Latheefa said. She declined to confirm whether these were the same funds that Nazir had allegedly received in 2013.

After winning last year's election, Prime Minister Mahathir Mohamad's administration has reopened 1MDB probes, charged dozens of high-ranked officials, and filed civil forfeiture actions in a bid to recover money linked to 1MDB.

Since 2016, the US Department of Justice has filed forfeiture lawsuits on about $1.7 billion in assets allegedly bought with stolen 1MDB funds, including a private jet, luxury real estate and jewellery.

In May, the United States began returning to Malaysia some $200 million recovered from the sale of seized assets.

Top News

Malaysia

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Representational image. Photo: Mohammad Minhaj Uddin/TBS
    Export earnings saw 5.89% growth in January
  • Song of the farmers as boro begins
    Song of the farmers as boro begins
  • Photo: TBS
    PM inaugurates construction of Bangladesh's first underground metro

MOST VIEWED

  • Photo: Collected
    Adani calls off share sale: What is an FPO? How is it different from IPO?
  • MPs of like-minded opposition parties in a meeting at Leader of Opposition Mallikarjun Kharge's chamber in Parliament House during Budget Session, in New Delhi, Thursday, Feb. 2, 2023. Photo: Collected
    Adani crisis: Oppn seeks probe into LIC, banks exposure ‘endangering savings’
  • Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. REUTERS/Amir Cohen
    Gautam Adani speaks about turmoil for first time after scrapping share sale
  • Indian congress jabs at Adani's ‘morally correct’ remark
    Indian congress jabs at Adani's ‘morally correct’ remark
  • People wearing face masks following the coronavirus disease (Covid-19) outbreak are seen at Beijing Daxing International Airport in Beijing, China July 23, 2020. Photo:Reuters
    Pandemic to paradise: Chinese tourists return to Bali after three years
  • FILE PHOTO: A pump jack stands idle in Dewitt County, Texas January 13, 2016. Picture taken on January 13, 2016. REUTERS/Anna Driver/File Photo
    Oil climbs as dollar slumps, OPEC+ keeps output cut policy

Related News

  • Malaysia PM Anwar tells Goldman to pay up on 1MDB settlement
  • Malaysia says Luxembourg court sets aside request to enforce $15 billion arbitration award
  • Boy rescued from container in Malaysia identified as Ratul from Cumilla
  • Bangladeshi boy rescued from container shipped to Malaysia
  • Malaysian urges palm oil producers to boost cooperation after EU rules

Features

Six Jeep Wranglers and a special XJ Jeep Cherokee set out into the depths of Lalakhal, Sylhet for an experience of a lifetime. Photo: Ahbaar Mohammad

Jeep Life Bangladesh: A club for Jeep owners to harness the power of their vehicles

2h | Wheels
While the Padma bridge in operation is changing the lives of millions in the south for the better, passenger rush to Shimulia ghat died down. Photo: Masum Billah

How are the Shimulia ghat businesses faring after Padma bridge?

4h | Panorama
After so many investments going embarrassingly wrong, as was the case with Sam Bankman-Fried, perhaps tech investors’ preference for less experience will wane. Photo: Bloomberg

Are you the next Steve Jobs? Good luck raising money in 2023

4h | Panorama
An elderly couple's lonely battle to save Dhaka's trees

An elderly couple's lonely battle to save Dhaka's trees

1d | Panorama

More Videos from TBS

Is Hathurusingha the most successful coach of Bangladesh?

Is Hathurusingha the most successful coach of Bangladesh?

17h | TBS SPORTS
Semiconductor, pharma should get more attention

Semiconductor, pharma should get more attention

19h | TBS Round Table
Dhali Al Mamun’s art depicts colonial impact

Dhali Al Mamun’s art depicts colonial impact

18h | TBS Stories
Jewel's humanitarian store

Jewel's humanitarian store

16h | TBS Stories

Most Read

1
Bapex calls candidates for job test 9 years after advert!
Bangladesh

Bapex calls candidates for job test 9 years after advert!

2
Leepu realised his love for cars from a young age and for the last 40 years, he has transformed, designed and customised hundreds of cars. Photo: Collected
Panorama

'I am not crazy about cars anymore': Nizamuddin Awlia Leepu

3
Photo: Collected
Energy

8 Ctg power plants out of production

4
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
Economy

IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms

5
Photo: Collected
Court

Japanese mother gets guardianship of daughters, free to leave country

6
Fund cut as Dhaka's fast-track transit projects on slow spending lane
Infrastructure

Fund cut as Dhaka's fast-track transit projects on slow spending lane

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]