Najib faces brand new probe on 1MDB debt settlement

Former Malaysia most well known minister Najib Razak was wondered for about six hours by the Malaysian Anti-Corruption fee (MACC) on Tuesday (Oct 16 in relation to scandal-hit state fund 1Malaysia advancement Berhad (1MDB).

Najib was quizzed over the 2017 debt agreement among 1MDB and Abu Dhabi wealth fund IPIC, which was brought on after 1MDB defaulted on a bond fee in 2016 that was assured by IPIC.

IPIC later referred the dispute to the London court docket of arbitration. 1MDB management has claimed that they have paid IPIC’s subsidiary Aabar funding registered in the British Virgin Islands, but Aabar stated they have never got the money, as their subsidiary by the same name was based in Abu Dhabi.

While the dispute was still being resolved, a agreement was reached in 2017 by Malaysia’s Ministry of Finance to pay US$1.2 billion to IPIC in 2 tranches while the relevant amount of US$3.5 billion debt is still outstanding.

Najib faces brand new probe on 1MDB debt settlement

speaking to Channel NewsAsia on Tuesday, MACC deputy chief Azam Baki undeniable fact that anti-graft officers have begun a fresh investigation into Najib’s role in the debt settlement.

Najib was pointed out to have been shown documentary proof of the purported out-of-court debt agreement “We are looking into evidence of how the former executive settled the debt with IPIC,” noted Mr Azam.

Malaysian Finance Minister Lim Guan Eng has reiterated that the govt is legally bound to pay off 1MDB debts including that a default may induced a rankings downgrade.

A US$50.3 million interest charge guaranteed by IPIC is due on Oct 18, while another US$52 million payment is due subsequent month.


This is the fifth time Najib has been referred to as up for questioning.

He arrived at the Putrajaya headquarters at 10am to give his statement and left at round 4.30pm, an MACC source told the Bernama information agency.

Najib left the premises by the use of the back front of the building in order to average members of the media who were camped outside the MACC headquarters since 9am.

The former prime minister, who has denied any wrongdoing, is already dealing with more than 30 attraction over the suspicious transfer of money from 1MDB and its former subsidiary SRC foreign into his personal bank account.