Najib’s brother, others fined for receiving 1MDB funds

KUALA LUMPUR: Malaysia has fined the brother of former premier Najib Razak and other people and companies for allegedly receiving money from state fund 1MDB, the country’s anti-graft chief said on Monday.
Malaysian and US investigators say about $4.5 billion was misappropriated from now-defunct state investment fund 1Malaysia Development Berhad (1MDB), set up in 2009 by Najib.
Najib, who lost a general election last year, is now facing dozens of graft and money laundering charges over allegations that he received about $1 billion in 1MDB funds. He has pleaded not guilty.
Latheefa Koya, the head of Malaysia’s Anti-Corruption Commission (MACC), said 420 million ringgit ($100 million) was received by a total of 80 individuals and entities from 1MDB. She did not specify how much the fine amount was.
The individuals include Najib’s brother Nazir Razak, the former chairman of Malaysia’s second-largest bank, CIMB group Holdings Bhd, and Shahrir Abdul Samad, former chairman of state palm oil agency Felda and also a minister in Najib’s cabinet. — Reuters