Malaysian Prime Minister Mahathir Mohamad (Source: Xinhua/VNA) Kuala Lumpur (VNA) - The Malaysian government will work with authorities in Switzerland, the US, Singapore and other jurisdictions to recover funds that were embezzled from the state treasury, said Malaysian Prime Minister Mahathir Mohamad.
Speaking at a press conference in Kuala Lumpur on May 16, Mahathir revealed that the amount of money from Malaysia flowing to the US reached 4.5 billion USD.
The previous government did not acknowledge that this amount was sourced from the country’s state development fund 1MDB.
According to the Malaysian leader, more wrongdoing occurred at the fund than was publicly known.
Previously, on May 12, the Malaysian Immigration Department announced that former Malaysian Prime Minister Najib Razak and his wife Rosmah Mansor had been banned from leaving the country.
Immediately after the move, Najib Razak said on his Twitter that he had been informed about this, adding that he would respect the ban and stay in Malaysia with his family.
Najib Razak set up the 1MDB fund in 2009 to promote economic development through global partnerships and foreign direct investment.
However, the fund was the centre of a 3.7-billion-USD-money laundering scandal which led to a series of financial market investigations in a number of countries including the US, Switzerland, Singapore, Malaysia and China.-VNA
VNA
