Malaysia's ex-PM Razak ar­rested

India Business Journal - - GLOBAL WRAP-UP -

Malaysia's top­pled leader Na­jib Razak was ar­rested last month and will be charged over al­le­ga­tions that $628 mil­lion linked to the State in­vest­ment fund, 1MDB, ended up in his per­sonal bank ac­counts. The Malaysian Anti-Cor­rup­tion Com­mis­sion said in a state­ment that it had de­tained Mr Razak as a part of its in­ves­ti­ga­tions into the fund. Al­le­ga­tions that huge sums were looted from the in­vest­ment ve­hi­cle by Mr Razak and his cronies were a ma­jor fac­tor in the shock de­feat of his lon­grul­ing coali­tion at the elec­tions in May to a re­formist al­liance headed by Ma­hathir Mo­hamad.

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