Sowetan

Malaysia premier accused of looting state fund

- AFP

KUALA LUMPUR – Malaysia has been gripped for more than a year by allegation­s that billions of dollars were looted from state investment fund 1MDB in a bold campaign of fraud and money laundering.

1Malaysia Developmen­t Berhad, or 1MDB, is a state investment fund Prime Minister Najib Razak launched in 2009 after assuming office.

The US Justice Department has now filed suit to recover more than $1-billion (R14.3-billion) in assets it says were illegally purchased using 1MDB funds.

The fund has been closely overseen by Najib, who serves concurrent­ly as finance minister.

In July 2015 the Wall Street Journal published documents showing Najib himself received at least $681-million in payments from the fund.

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