Connect with us

Malaysia

Najib & Rosmah Legally Lose RM711 Million Worth of Property, Jewellery, & Vehicles

Published

on

Najib Legally Loses RM711 Million Worth of - WORLD OF BUZZ
Source: WSJ & Malaysiazine

After former prime minister Datuk Najib Razak was ousted as the nation’s leader last year, several of his residences were raided by the police in connection to investigations on the 1Malaysia Development Berhad (1MDB) scandal. The police seized an overwhelming amount of items including luxury bags, jewellery and tons of cash in various currencies, which amounted to a value of approximately RM1.1 billion!

Now, these items, which include property, jewellery, luxury goods, vehicles and other valuables, will likely be forfeited and become federal government property after legal action was taken by Putrajaya and the Royal Malaysia Police, according to Malay Mail.

Source: Malay Mail

The High Court received two notices of the civil forfeiture action yesterday (7 May), notifying it for the purpose of taking ownership of the items which Datuk Najib and his wife Datin Seri Rosmah Mansor are suspected of having acquired using stolen 1MDB funds, as reported by The Edge Markets.

In the first notice, the items that are to be forfeited are as follows: an unnamed property in the Klang Valley, jewellery, watches, sunglasses, and designer handbags, all of which add up to a value of RM680 million.

The second notice intends for 27 luxury vehicles, bags, watches and money contained in 29 bank accounts to be forfeited. The value of these items amounts to RM31 million in appraised value.

According to the law, confiscations like the original confiscation of Najib’s assets expire after 12 months from when the items were first seized, and on 16 May 2019, this law will come into effect, hence the follow up action by the government to claim forfeiture of the assets.  

What do you think of Najib legally losing RM711 million worth of items? Let us know in the comments below.

 

Also read: Najib Has So Much Cash, Police Are STILL Busy Counting Money They Seized

Featured

TRENDING