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Tuesday, March 15, 2022

FBI: Najib received US$756 million from stolen 1MDB funds

 


A Federal Bureau of Investigation (FBI) agent who worked on the 1MDB case testified in court that former prime minister Najib Abdul Razak received US$756 million (RM3.18 billion today) of misappropriated 1MDB funds.

Meanwhile, fugitive financier Low Taek Jho better known as Jho Low, stole US$1.42 billion (RM5.97 billion today) of 1MDB funds.

The funds were misappropriated from the US$6.5 billion raised in bond exercises 1MDB performed with Goldman Sachs.

FBI agent Eric Van Dorn was testifying in the bribery trial of former Goldman banker Roger Ng in New York.

According to Bloomberg, besides Najib and Low, former International Petroleum Investment Co managing director Khadem al-Qubaisi also received US$472.8 million misappropriated from the bond exercise.

Ng received US$35.1 million, while Tim Leissner received US$73.4 million, the agent added.

Van Dorn said he had tracked down how the bond funds were siphoned off to at least 16 recipients.

Previously, investigators had established that Najib had received US$681 million from the 1MDB's third bond raising exercise in 2013.

Leissner had testified that the funds were used to plump up Najib's war chest during that year's election.

According to investigators Najib later returned US$620 million of the funds.

Najib claimed it went back to his "Arab donors", but investigators say it was instead returned to accounts controlled by Low.

The US Department of Justice also previously stated that Najib received US$50 million in two transactions in 2011 and 2012 siphoned from 1MDB.

The former prime minister has denied wrongdoing. - Mkini

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