Former Malaysian Prime Minister Najib Razak arrested amid graft probe

After the election, Najib and his wife were barred from leaving the country and have been under investigation, according to the AP.

In one charge sheet, Najib was charged under MACC Act 2009 for receiving kickbacks amounting to RM42 million for participating in the government's decision to provide guarantee over loans of RM4 billion from Kumpulan Wang Persaraan (Diperbadankan) (KWAP) to SRC International Sdn Bhd, formerly a subsidiary of 1Malaysia Development Bhd.

In a statement released on Tuesday, Najib's spokesman said the charges "are politically motivated and the result of political vengeance" by the Pakatan Harapan leadership under Prime Minister Mahathir Mohamad.

After spending the night in detention, Najib arrived at the court in the capital Kuala Lumpur on Wednesday wearing a dark blue suit and a red tie.

"I have done my best, but I realized it is not enough".

"It shows the resolve of the new Government to address previous abuses of power", she said. Former Prime Minister Najib Razak is charged over his alleged role in the multibillion-dollar looting of a state investment fund, officials said.

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USA investigators allege that Najib's stepson's company, "Red Granite Pictures Inc., used money stolen from 1MDB to finance Hollywood films including the Martin Scorsese-directed 'The Wolf of Wall Street, ' " according to the AP.

Some of Najib's children were present in court, including his stepson, Riza Aziz, who on Tuesday was questioned by anti-graft officers. Department director Amar Ishar Singh told reporters that six residences linked to Razak had been raided by the authorities, and that more than $225 million worth of goods were seized.

It has been a stunning fall for Najib who held on to power for three years despite allegations of massive corruption and misappropriation at 1MDB. Following the stateside investigation, Red Granite earlier this year agreed to pay back $60M to the USA government but has denied any intentional wrongdoing.

In 2015, it emerged that $4bn had gone missing from the 1MBD sovereign wealth fund, and almost $700m was allegedly transferred into Najib's bank account. Red Granite was unavailable for comment.

But Najib also reportedly received $680 million from 1MDB itself, a claim that started a financial scandal in 2015 which eventually led to this year's election defeat.

SRC is the initial focus of Malaysian investigators as all the suspicious transactions involving the firm were made through Malaysian entities, unlike other 1MDB related transactions that went through foreign banks and companies.

(Copyright © 2015. All Rights Reserved.)
 
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