Wednesday, 27 June 2018

Police seize £200m including cash, jewellery and handbags linked to Malaysia's former prime minister



Police raids linked to Malaysia's former prime minister have uncovered cash, jewellery, luxury handbags and other items worth up to £206m.
 
Ousted leader Najib Razak is at the centre of an investigation into billions of dollars missing from a state fund called 1Malaysia Development Berhad (1MDB).
 

 Boxes of items seized by the Royal Malaysian Police at the Pavilion Residences in Kuala Lumpur, Malaysia, on May 18, 2018.
Allegations of massive corruption were a major factor behind his shock election loss in May to a reformist alliance headed by 92-year-old Mahathir Mohamad.


Amar Singh, Malaysia police's head of commercial crime, said raids on six properties linked to Mr Razak had led to the seizure of 12,000 pieces of jewellery valued at 880m ringgit (£165m).


Cash in 26 different currencies was also discovered, worth 116m ringgit (£21m), Mr Singh said.


And 567 handbags were seized, including designer Hermes bags, worth 51.3m ringgit (£9.6m), he added.


"The total cost of all the items, the retail price, will be touching 910m to 1.1bn ringgit," Mr Singh told a press conference.


Mr Razak, who denies any wrongdoing, and his associates are accused of plundering billions of dollars from 1MDB.



The unnamed 42-year-old, who had worked for Mr Razak since 2009, was arrested on Sunday night after giving a statement to anti-corruption officers.


Transactions involving 1MDB are being investigated in half a dozen countries, including the United States.


The US Department of Justice has alleged in lawsuits that more than $4.5bn from 1MDB was laundered through a complex web of transactions and shell companies, of which $681m ended in Mr Razak's bank account.




SKY      News.