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Malaysia orders $100m in fines in 1MDB probe

(China Daily) Updated: 2019-10-08 08:00

KUALA LUMPUR, Malaysia - Malaysia's anti-graft agency on Monday ordered 80 people and groups to pay fines totaling about $100 million for allegedly receiving funds from the 1MDB state investment fund.

Former prime minister Najib Razak's brother, Nazir Razak, who heads the country's second-largest bank, was among those affected. So were a former deputy minister, Ahmad Maslan, and the former chief of the federal land development authority, Shahrir Samad.

Branches of Najib's party and others in the former ruling coalition were also listed, as were 23 companies.

Najib is on trial, facing 42 charges of corruption, abuse of power and money laundering in five separate criminal cases linked to the multibillion-dollar looting of 1MDB.

Public anger over the alleged graft contributed to a surprise defeat of Najib's long-ruling coalition in a May 2018 election.

Najib has denied wrongdoing.

The head of the Malaysian Anti-Corruption Commission, Latheefa Koya, told reporters the fines totaled about 420 million Malaysian ringgit ($100 million).

The money belongs to the Malaysian public, she said.

She said the fines could be as much as 2.5 times the amount each person or group allegedly received from the 1MDB fund.

"We have opened up investigations for all of these people," Koya said.

Najib set up 1MDB to promote economic development when he took power in 2009, but the fund amassed billions in debts and is being investigated in the United States and several other countries for alleged cross-border embezzlement and money laundering.

US investigators say more than $4.5 billion was stolen from 1MDB by associates of Najib between 2009 and 2014, including the money that landed in Najib's bank accounts.

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