Najib looking at 21 charges in third arrest this year

Najib looking at 21 charges in third arrest this year

By: 
Samantha Chiew
20/09/18, 11:24 am

SINGAPORE (Sept 20): Former Malaysian prime minister Najib Razak will be looking a total of 21 charges against him involving US$681 million ($932.8 million) transferred into his personal bank account, said Malaysian Deputy Inspector-General of police Tan Sri Noor Rashid Ibrahim in a statement today.

See: Najib to be charged tomorrow for RM2.6 bil in accounts

The US Department of Justice (DoJ) has alleged that the money was transferred into Najib’s account from the scandal ridden state fund 1Malaysia Development Berhad (1MDB).

The charges include nine counts of receiving illegal proceeds, five counts of using illegal proceeds and seven counts of transferring the proceeds to other entities.

Najib is expected to be charged in court later today at 3pm for corruption related to the siphoning of funds from state fund.

This will mark Najib’s third time being brought to court.

He was first arrested on July 3 and faced four charges then for criminal breach of trust.

See: The 1MDB-linked charges Najib faces

During his second arrest last month, he was charged with three counts of money laundering breaches related to SRC International, a former unit of state fund 1MDB.

See: Najib pleads not guilty to three counts of 1MDB-linked money laundering

Najib has consistently denied any wrongdoing and pleaded not guilty to all his previous charges.

Right timing: Temporary pause as STI consolidates gains

SINGAPORE (Feb 22): The recovery by the Straits Times Index that started towards mid-January is likely to continue despite short term hiccups. Quarterly momentum is in rising mode, the 50- and 100-day moving averages are positively placed, and the index remains above its 200-day moving average. ADX is rising and the DIs are positively placed. Interestingly annual momentum has stabilised and could attempt to recover. Prices could ease as short term stochastics approaches the top end of its range and turns down. This may cause a temporary retreat. Support is at the breakout level of 3,19....
Read More >>

UOB is RHB's top pick when it comes to local banks

SINGAPORE (Feb 22): United Overseas Bank is the top pick for Singapore banks, says RHB Research which believes the share price weakness after the results release offers a good entry point. UOB has also declared a final dividend of 50 cents per share and special dividend of 20 cents per share. FY2018 total dividend of $1.20 gives an attractive yield of 4.6%. Rising 18% y-o-y, UOB’s FY2018 earnings of $4.01 billion came in line with RHB’s forecast of $4.16 billion and consensus’ forecast of $4.05 billion. For FY2019, management has guided for net interest margin (NIM) to be flatti....
Read More >>

Pioneer, Merdeka... Next, a Majulah Generation package?

SINGAPORE (Feb 22): Hot on the heels of a $9 billion Pioneer Generation package announced in Budget 2014, the $8 billion Merdeka Generation package is setting up expectations of similar packages for every generation of ageing Singaporeans. Notably, both are geared towards healthcare and broadly available to an entire generation of Singaporeans. Already, analysts are expecting at least one more package to follow. “I suppose when there is only one dot, one can’t extrapolate, but with two dots you can,” says Tan Ern Ser, a sociologist at the National University of Singapore (NUS). ....
Read More >>