Malaysia's 1MDB officials withheld information from board - declassified report

Malaysia's 1MDB officials withheld information from board - declassified report

"(In) an initial stage, maybe lasting one or two years, I will be the prime minister", Mahathir said in an interview with The Wall Street Journal CEO Council in Tokyo via a video link from Malaysia on Tuesday.

Najib denies any wrongdoing in connection with losses at the fund.

Prime Minister Mahathir also confirmed on Saturday that he had personally ordered the travel restrictions on Najib and his wife, and that he planned to replace the country's attorney general.

Several high-risk investments were made in a very short time, and the 1MDB management went against the board's and the shareholders' wishes in some instances, it said. He has denied any wrongdoing.

The Malaysian Anti-Corruption Commission found evidence in late 2015 that 42 million ringgit ($10.6 million) was transferred from a former subsidiary of 1MDB into an account of Najib, but its recommendation for further investigation was rejected by the attorney general, a member of a panel that reviewed the commission's case files told Reuters.

The report found, among others things, that 1MDB used 288 million ringgit ($73 million) of government funds to pay interest on its debt, which isn't in line with the fund's original goal.

Analysts said tensions in the new government are possible due to the dominance of the two leaders - Mahathir is the chairman of the alliance and Anwar is its de facto leader.

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Mahathir expects Anwar to be pardoned on Wednesday, but said his former enemy will not yet become prime minister and instead will serve in the parliament.

Mahathir vowed on Monday to investigate any faults that may have been committed by Najib's government and said all ministries had been instructed not to destroy any documents.

On the eve of last week's election, Anwar penned a note to supporters urging them to back Mahathir, who had brought him into government in the 1980s. The fund was set up by Najib in 2009 to promote economic development but accumulated billions in debts. Both police officers said investigators were not primarily interested in the luxury items but were chasing documents that could be vital for investigations into Najib's administration.Kuala Lumpur's police chief and an official police spokeswoman did not respond to requests for comment.Najib said earlier on Saturday that he was going overseas for a week to rest, but just minutes later the Department of Immigration announced that he and his wife had been barred from leaving the country. "We can not allow them to leave the country in the interest of facilitating investigations".

"We do not want to be saddled with extradition requests", Mahathir said, referring to Najib.

The US State Department alleges that at least US$4.5 billion (RM17.81 billion) were looted from the fund, and funnelled to the United States where it was used to buy everything from artwork to high-end real estate and a luxury yacht.

Malaysia's new prime minister Mahathir Mohamad doesn't intend to immediately step aside once his foe-turned-colleague Anwar Ibrahim is pardoned.

He said that it would be given a clear definition but that there was a "limit" to press freedom, despite having pledged during the election campaign to abolish it. Singapore has punished banks over lapses related to 1MDB, seized assets and jailed bankers over the scandal.

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