LOOT SEIZED FROM LEADER ON AUCTION

Malaysia’s government will sell much of the huge stash of jewelry and luxury goods, including diamond necklaces, tiaras and designer handbags that were seized in a money-laundering probe of former leader Najib Razak.

Police said 12,000 pieces of jewelry, 567 handbags, 423 watches and 234 sunglasses were confiscated last month from properties linked to Najib after the electoral defeat of his long-ruling coalition. The police estimate the haul is worth over US$273 million.

The government said the amount is a drop in the ocean compared to some $12.4 billion of losses related to the defunct 1MDB investment fund set up by Najib.