(Oct 26): Some RM1.3 billion ($430.5 million) in the Federal Consolidated Fund which was to be used as “subsidy and cash assistance” for Malaysians was among the government funds that former prime minister Datuk Seri Najib Razak and ex-Treasury secretary-general Tan Sri Mohd Irwan Serigar Abdullah were accused in court yesterday of redirecting to an Abu Dhabi wealth fund.

While not mentioned in the charge sheet, the cash assistance is said to include funds for some three million poor Malaysians registered under the 1Malaysia People’s Aid (BR1M) programme. This was confirmed by Malaysian Anti-Corruption Agency (MACC) deputy director Datuk Seri Azam Baki when explaining the charges to the media.

In total, Najib and Mohd Irwan are accused of diverting RM6.636 billion worth of government funds from their original purposes, in order to pay the debts of 1Malaysia Development Bhd (1MDB) as well as obligations in relation to rail and pipeline megaprojects that were awarded to Chinese contractors.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook