Raids reveal scale of Razak’s looting

A VAST trove of valuables seized in raids on properties linked to Malaysia’s scandal-mired former leader, including cash, jewellery and luxury handbags, are worth up to $273-million (R3.7-billion), police said yesterday.

The searches, part of investigations into scandal-hit sovereign wealth fund 1MDB, netted 12 000 pieces of jewellery, bags containing almost $30-million (R409-million) in cash across 26 different currencies, more than 400 watches worth $19.3-million (R263-million), and other high-end designer goods.

“I think this is the biggest seizure in Malaysian history,” said Amar Singh, the police’s head of commercial crime investigations, after officials completed the mammoth task of valuing all the items they uncovered in raids.

He said the items were worth between 910-million ringgit (R3billion) and 1.1 billion ringgit (R3.7billion).

The official salary of Najib Razak, the former premier, while in office was 22 827 ringgit (R77 000) a month.

Allegations of massive corruption were a major factor behind last month’s shock election loss of Najib’s long-ruling coalition to a reformist alliance headed by Mahathir Mohamad.

Najib and his cronies were accused of plundering billions of dollars from 1MDB to buy everything from US real estate to artworks. Najib and the fund deny any wrongdoing.

His luxury-loving wife Rosmah Mansor became a lightning rod for public anger due to her vast collection of handbags and jewels, and her reported love of overseas shopping trips.

The mind-boggling collection of luxury items listed by police will increase public anger at the former first couple, whose spendthrift ways came to symbolise the decadence and rot in the Barisan Nasional coalition which ruled the country since independence from Britain in 1957 until its ouster last month.

Anger at allegations of graft swirling around Najib and his inner circle had become particularly acute in recent years, as many middle-class Malaysians increasingly struggled with stagnating wages and living standards.

The items were seized in raids on six premises linked to Najib, including luxury apartments in Kuala Lumpur and his main residence in an upmarket part of the city.

New Prime Minister Mahathir, who has just started his second stint as premier at the age of 92, has reopened investigations into 1MDB which were shut down by Najib, and has vowed the former leader will be charged.

The US Justice Department estimates that $4.5-billion (R61.4- billion) was looted from the fund.