Money trail traced to bank accounts belonging to Najib Razak, the former Prime Minister of Malaysia, is currently under investigation by a Malaysian task force.
According to a Wall Street Journal report, nearly $700 million could have been transferred through banks, government agencies, and companies with links to a Malaysian investment company before allegedly reaching Najib’s accounts.
The Attorney General of the federation stated that the task force obtained documents related to the funds transfer while investigating a state investment company and will begin the investigation promptly. Najib has claimed that the allegations are politically motivated and an attempt by the opposition to tarnish his name, while his supporters express dissatisfaction with the media’s handling of the situation.
Amidst concerns for national security, the Home Minister Ahmad Zahid Hamidi criticized attempts to undermine the government, and the Defense Minister Hishammuddin Hussein emphasized the need to establish the truth before criticizing Najib.
The Deputy Prime Minister, Muhyiddin Yassin, called upon authorities to investigate the allegations against Najib. Subsequently, a special task force composed of the police, central bank, and Malaysian Anti-Corruption Commission conducted raids on the premises of three corporations linked to the transferred funds.
Muhyiddin expressed serious concern about the Wall Street Journal’s expose and urged Najib to provide a convincing denial or explanation to maintain the trust and support of the Malaysian people.
In the wake of the scandal, calls for Najib’s resignation from former Premier Mahathir Mohamad were met with resistance. Najib asserted that he has a mandate in governance and will continue as a leader as long as he has the support of the citizens and the Malaysia National Organization Party.
As a consequence of the allegations, Najib’s approval rating declined from 48% in October to 44% in January, according to a survey conducted by the Merdeka Center for Opinion Research.
Najib vehemently denied the allegations, stating that he is not involved in any theft or betrayal of the Malaysian government and its people through funds misappropriation. He plans to file a lawsuit against the Wall Street Journal.
The alleged embezzlement scandal represents the most significant crisis facing Najib’s administration since he assumed power in 2009. It also raises concerns about the implementation of economic reforms such as the new consumption tax and cuts in fuel subsidy, which may be affected.
