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Ex-Malaysian PM arrested over 1MDB corruption probe

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Former Malaysian Prime Minister Najib Razak was arrested over a multi-million dollar corruption scandal, local media reported and published Anadolu Agency (Turkey).

Malaysian Anti-Corruption Commission (MACC) said Razak was arrested over a corruption scandal concerning the Malaysian state fund 1Malaysia Development Berhad (1MDB), according to Singapore-based Channel News Asia.

The former prime minister was taken into custody in Putrajaya, while he will appear before Kuala Lumpur Sessions court.

On July 4, he pleaded not guilty and was released on bail of 1 million Malaysian ringgits [around $241,475]. Charges against Razak carry 20 years of prison sentence.

1MDB, spearheaded by Razak, has been the subject of a global money-laundering probe.

The scandal has triggered probes and investigations in multiple locations around the globe, including the U.S. and Switzerland.

Singapore's investigations, which began in 2015, have resulted in the seizure of bank accounts.

The Monetary Authority of Singapore ordered Falcon Private Bank to cease operations in Singapore last October.

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Reporter: Denes Osvalt
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Category: Business
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