By Mahmood Hasan
The Daily Star
Asia News Network
Dhaka August 12, 2015 1:00 am
After a month of extraordinary revelations, Political survival is now the No 1 priority for Najib
Malaysian Prime Minister Najib Razak is facing an uncertain future amid allegations of his involvement in a huge financial scam. In early July, the Wall Street Journal reported that $700 million was transferred through a complex web of transactions to Najib’s bank accounts in Kuala Lumpur in 2013. Graphic details of the flow of millions of ringgit through banks, companies and government agencies linked to 1Malaysia Development Berhad (1MDB), into Najib’s private account also came to light.
Neither the source of the money nor its final destination is clear. Handsome amounts from Najib’s accounts went to the ruling Barisan Nasional (BN) coalition component parties. Apparently, the funds were used for the election campaign in 2013.
1MDB is a Malaysian government-owned development company. It was established in January 2009, to drive initiatives for long-term economic development through international partnerships and promoting foreign direct investment (FDI) focused on energy, real estate, tourism and agribusiness. Najib chairs the advisory board of 1MDB.
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