Malaysia freezes bank accounts of Najib party

Malaysia on Friday said it has frozen bank accounts of the political party once led by former premier Najib Razak as part of an investigation into alleged misappropriation from state fund 1Malaysia Development Bhd (1MDB).

The party, the United Malays National Organisation (UMNO), which led a coalition that had governed the country for more than 60 years until last month, is believed to have received funds from 1MDB when Najib was leading the party.

Malaysia reopened investigations into 1MDB in May after a shock election win by the opposition, led by veteran former leader Mahathir Mohamad. His alliance has vowed to recoup money allegedly siphoned off from the fund.

A taskforce looking into 1MDB said a number of bank accounts of several companies and organisations had been frozen.

“The 1MDB taskforce confirms it has frozen a number of accounts owned by individuals and organisations, including UMNO and other political parties believed to be involved in the misappropriation of 1MDB funds,” it said in a statement.

UMNO did not immediately respond to requests for comment.

KUALALUMPUR:

MALAYSIA TO SELL BLING SEIZED IN RAIDS

The government will sell much of the huge stash of jewellery and luxury goods, including diamond necklaces, tiaras and designer handbags that were seized in a money-laundering probe of Najib Razak, finance minister Lim Guan Eng told The Associated Press on Friday.

Police said 12,000 pieces of jewellery, 567 handbags, 423 watches and 234 sunglasses were confiscated last month from properties linked to Najib.

The police estimate that the haul, the biggest in the country’s history, is worth over $273 million. AGENCIES