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Malaysian Police Say Jewels, Other Items Seized From Najib Residences Worth $273 million

27 Jun 2018 4:27 am
By Yantoultra Ngui 

KUALA LUMPUR, Malaysia--Malaysian police investigating the 1MDB financial scandal announced Wednesday they had seized items worth 1.1 billion ringgit ($273.5 million) from residences linked to former Prime Minister Najib Razak, including jewels and luxury handbags.

Police said they would soon call Mr. Najib, who was ousted in elections May 9, and his wife, Rosmah Mansor, for questioning to explain how they came by the goods. They described the seizures as the largest in the history of this Southeast Asian country and said it took 36 days to analyze and value all the items.

Commercial-crime division chief Amar Singh said the seized items include 12,000 pieces of jewelry worth a total of $109.4 million, and perhaps double that in market value, as well as 567 handbags, including brands such as Hermès, Prada and Chanel.

The couple is under investigation in the scandal involving the state fund 1Malaysia Development Bhd., or 1MDB, and Malaysia's new government has said it would try to recover the value of missing assets. U.S. investigators estimate that $4.5 billion was stolen from the fund, which was founded by Mr. Najib in 2009. He and his wife have denied any wrongdoing.

Write to Yantoultra Ngui at yantoultra.ngui@wsj.com
 

(END) Dow Jones Newswires

June 27, 2018 00:27 ET (04:27 GMT)

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