Sun, 01 Oct 2023 Today's Paper

Malaysia’s Mahathir to appoint adviser to recover 1MDB funds - sources

By

12 May 2018 12:19 am - 0     - {{hitsCtrl.values.hits}}

A A A

REUTERS: Malaysia’s newly-elected Prime Minister Mahathir Mohamad plans to appoint a finance ministry adviser who will oversee efforts to recover billions of dollars allegedly stolen from state fund 1Malaysia Development Berhad (1MDB), two sources told Reuters. 


 The adviser would be appointed to “restart the 1MDB probe and bring back the money”, said one of the sources, who worked closely with Mahathir’s campaign team. The second source, a lawmaker, said the announcement could come as soon as Saturday when Mahathir is expected to name members of his new cabinet.
The sources declined to be identified as the talks are private.


At least six countries, including the United States, are investigating the alleged misappropriation of over US$4.5 billion from 1MDB, founded by former premier Najib Razak. Najib’s coalition was defeated by Mahathir’s opposition alliance in a stunning election upset on Wednesday.


The U.S. Department of Justice has launched a criminal probe and filed civil lawsuits seeking to recover about $1.7 billion in assets said to have been bought with stolen 1MDB funds. 

Malaysia will reach out to U.S. authorities investigating the case, the lawmaker said.


“You can be reassured that we will go after 1MDB,” the lawmaker said.


The scandal has dogged Najib since 2015 after reports that about $700 million in misappropriated 1MDB funds flowed into his personal account.


Najib has denied wrongdoing and Malaysia’s attorney-general has cleared him of any offence, saying the funds were a legitimate donation from the Saudi royal family.
Mahathir had vowed to investigate the scandal if elected and bring missing funds back to Malaysia. On Thursday, he said that if Najib had done anything wrong he would “face the consequences”. 


Malaysian markets were closed on Thursday and Friday for public holidays announced by Mahathir after the election, but overseas investors were nervous about Najib’s ouster after a decade in office and the ringgit lost four percent in offshore trading before stabilising yesterday.


The lawmaker said a key reason for declaring the public holidays was so that Mahathir could announce key ministerial positions and name the new adviser before trading started on Monday in an effort to reassure global investors that his government was off to a solid start.

 

 


Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 0

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka