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Ex-Malaysian PM Najib Razak arrested in corruption probe

By
Sara Shayanian
Ex-Malaysian Prime Minister Najib Razak was arrested by anti-corruption officials and will be charged later this week. File photo by Ismael Mohamad/UPI
Ex-Malaysian Prime Minister Najib Razak was arrested by anti-corruption officials and will be charged later this week. File photo by Ismael Mohamad/UPI | License Photo

July 3 (UPI) -- Former Malaysian Prime Minister Najib Razak, who has been accused of pocketing millions of government dollars in the past, was arrested by anti-corruption officials Tuesday and will be charged this week.

Razak is expected to be charged Wednesday with more than ten counts of criminal breach of trust in relation to matters dealing with SRC International, a subsidiary of state development fund 1Malaysia Development Berhad.

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Billions of dollars are missing from the 1MDB fund, which was set up by the former prime minister.

Since losing re-election in May, Razak has been under investigation and has denied wrongdoing. He has been banned from leaving Malaysia.

The 1MDB fund, set up by Razak in 2009, was meant to assist in transforming Kuala Lumpur into a financial hub and boost the economy through strategic investments. However, the fund missed payments for some of the $11 billion it owed to banks and bondholders in early 2015 -- attracting negative attention.

Last week, Malaysian police seized cash, jewelry, handbags and watches worth an estimated $273 million in a raid on properties belonging to Razak.

The seizure was called the biggest in Malaysia's history, with more than 12,000 items including $12.7 million worth of Hermes handbags, $19 million worth of watches from makers such as Rolex, Richard Mille and Chopard, and 274 pairs of designer sunglasses from brands including Cartier, Versace and Dior valued at $19.4 million, found at the sites.

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