Friday, 3 Jul 2015
Nearly $700 million of deposits were made into what are believed to be the personal bank accounts of Malaysia's Prime Minister Najib Razak, according to documents from a government investigation of a controversial state investment fund, the Wall Street Journal reported Friday.
The document shows the movement of cash from 1Malaysia Development, or 1MDB, through government agencies, banks and companies, before it landed at Najib's accounts, directly connecting the prime minister to the deeply indebted fund for the first time, the WSJ reported.
Najib has previously denied involvement and a government spokesperson said the prime minister hasn't taken any funds for personal use, calling the document "baseless smears" from political opponents, the report said.
A spokesperson for 1MDB said the fund wasn't aware of the tranfers to Najib's account, adding that doctored documents have previously been used to "discredit" the fund and the government, the report said.
The investigation hasn't shown what happened to the funds after they went into the personal accounts, the report said, noting that 1MDB owes around $11 billion.
The WSJ report can be seen here.
CNBC.com staff
Nearly $700 million of deposits were made into what are believed to be the personal bank accounts of Malaysia's Prime Minister Najib Razak, according to documents from a government investigation of a controversial state investment fund, the Wall Street Journal reported Friday.
The document shows the movement of cash from 1Malaysia Development, or 1MDB, through government agencies, banks and companies, before it landed at Najib's accounts, directly connecting the prime minister to the deeply indebted fund for the first time, the WSJ reported.
Najib has previously denied involvement and a government spokesperson said the prime minister hasn't taken any funds for personal use, calling the document "baseless smears" from political opponents, the report said.
A spokesperson for 1MDB said the fund wasn't aware of the tranfers to Najib's account, adding that doctored documents have previously been used to "discredit" the fund and the government, the report said.
The investigation hasn't shown what happened to the funds after they went into the personal accounts, the report said, noting that 1MDB owes around $11 billion.
The WSJ report can be seen here.
CNBC.com staff
Investigators Believe Money Flowed to Malaysian Leader Najib’s Accounts Amid 1MDB Probe
Prime Minister Najib’s bank accounts are scrutinized during investigation of investment fund 1MDB
By TOM WRIGHT and SIMON CLARK
July 2, 2015
KUALA LUMPUR, Malaysia—Malaysian investigators scrutinizing a controversial government investment fund have traced nearly $700 million of deposits into what they believe are the personal bank accounts of Malaysia’s prime minister, Najib Razak, according to documents from a government probe.
Link: http://www.wsj.com/articles/SB10130211234592774869404581083700187014570
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