MALAYSIA_ 1MDB: Malaysian PM under pressure over $1bn US fraud case

BBC NEWS

1MDB: Malaysian PM under pressure over $1bn US fraud case

1 hour ago
From the section Asia

Photo: Najib Razak has always denied any wrongdoing - REUTERS

Malaysian PM Najib Razak is facing pressure internationally and at home amid US allegations of massive fraud at state investment fund 1MDB.

The fund was set up by Mr Najib in 2009 with the stated aim of boosting the Malaysian economy.

But US Attorney General Loretta Lynch said evidence showed it had defrauded Malaysians "on an enormous scale".

On Wednesday, US authorities moved to seize more than $1bn (£761m) in assets related to the fund.

Mr Najib is not named in the papers and has consistently denied wrongdoing.

But he is identifiable as "Malaysian Official 1", whose account allegedly received millions in funds originating from 1MDB.

The $1bn the US hopes to seize would make up only a proportion of the more than $3.5bn (£2.6bn) allegedly diverted.

* 1MDB: The case that's riveting Malaysia
* The US v The Wolf of Wall Street
* Malaysians ridicule 'Malaysian Official 1'
* Singapore seizes $177m as part of Malaysia corruption probe What is 1MDB?

What is 1MDB?

* officially 1Malaysia Development Berhad, it is a state investment fund, originally overseen by Mr Najib

* aimed to boost the economy through investments and infrastructure deals with foreign entities including Saudi Arabia.

* also borrowed heavily, and by 2014 had debts of $11bn and missed repayments

What are the US accusations?

READ MORE: http://www.bbc.com/news/world-asia-36852560

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