Malaysia seeking $138m in fines in expanded 1MDB probe: Official, Latest World News - The New Paper

Malaysia seeking $138m in fines in expanded 1MDB probe: Official

This article is more than 12 months old

KUALA LUMPUR: Malaysian authorities have imposed fines of around US$100 million (S$138 million) on 80 entities, intensifying their pursuit of people allegedly linked to the massive 1MDB corruption scandal, the anti-graft chief said yesterday.

The fines are linked to a wide-ranging probe into billions of dollars that were looted from state investment fund 1MDB between 2009 and 2014, and spent on everything from yachts to expensive artwork.

Claims that Najib Razak and his cronies pilfered massive sums from 1MDB contributed to the defeat of his coalition in the election last year.

Ms Latheefa Koya, chief of the Malaysian Anti-Corruption Commission, said the agency hoped to recover roughly RM420 million (S$138 million) from 80 individuals, companies and political parties - including Mr Nazir Razak, the former premier's younger brother.

Mr Nazir was the chairman of CIMB Group Holdings, Malaysia's second-largest bank and South-east Asia's fifth-largest lender. He quit the bank in December last year.

He had received about RM25.7 million in cheques, from 1MDB, Ms Latheefa said.

Najib was arrested last year and hit with dozens of charges related to the 1MDB scandal. He is facing two trials.- AFP