Malaysian central bank's land purchase from Najib government under scrutiny

Economy 14:44 31.10.2018

Malaysia’s central bank said on Wednesday an independent review was underway, looking into its 2 billion ringgit ($478.35 million) purchase of land from the government during Najib Razak’s premiership.

Days after Najib lost an election in May, Muhammad Ibrahim resigned as central bank governor, having earlier overseen and defended the purchase, which was completed in January.

Other officers have taken leave pending the outcome of the review, that began in August, Bank Negara Malaysia (BNM) said in a statement.

“To facilitate the internal review, relevant officers of BNM have opted to take a leave of absence,” the central bank said.

Soon after the formation of the new government five months ago, Finance Minister Lim Guan Eng said the money paid by the central bank for the land was used by Najib’s administration to cover some of the liabilities of state fund 1Malaysia Development Bhd (1MDB).

Najib is facing multiple corruption charges resulting from a probe into how billions of dollars went missing from 1MDB. He has pleaded not guilty and denied any wrongdoing.

Najib’s unexpected election defeat in May resulted in veteran leader Mahathir Mohamad returning to the premiership 15 years after he retired.

Mahathir is seeking to retrieve funds lost by 1MDB, and the fund founded by Najib is the subject of money laundering and corruption investigations in at least six countries, including Malaysia and the United States.

Uzbek Representative IEPF Shukhrat Barlas Receives "100th Anniversary of Heydar Aliyev" Jubilee Medal - PHOTOS/VIDEO

News line

President, First Lady participate in opening of Kharibulbul Music Festival in Shusha
16:51 11.05.2024
Spanish Photographer Gervasio Sanchez Concludes Visit to Azerbaijan as Guest of IEPF - PHOTOS
16:00 11.05.2024
Head of UN NGO Branch to Visit Azerbaijan - PHOTOS
14:00 11.05.2024
Mbappé announces PSG exit ahead of likely Real Madrid move
13:23 11.05.2024
Former Armenian MP detained in Russia
Former Armenian MP detained in Russia
12:59 11.05.2024
Actions of disobedience resume in Yerevan and several Armenian regions
12:38 11.05.2024
Price of Azerbaijan oil drops
Price of Azerbaijan oil drops
12:19 11.05.2024
Azerbaijani and Armenian FMs to continue negotiations in Almaty today
11:55 11.05.2024
President Ilham Aliyev receives ICESCO Director General in Shusha
11:42 11.05.2024
Uzbek Representative IEPF Shukhrat Barlas Receives "100th Anniversary of Heydar Aliyev" Jubilee Medal - PHOTOS/VIDEO
11:25 11.05.2024
President: We never wanted war, and we don't want it today either
10:50 11.05.2024
Kharibulbul International Music Festival to kick off in Shusha today
10:35 11.05.2024
President of COP29 visits COMSATS headquarters in Pakistan
10:13 11.05.2024
School bus accident in Antalya, Türkiye: 25 injured as student transport plunges into ravine
09:58 11.05.2024
United Nations General Assembly backs Palestinian bid for membership
09:00 11.05.2024
President Ilham Aliyev congratulates Shusha residents on their returning to native land
President Ilham Aliyev congratulates Shusha residents on their returning to native land
23:00 10.05.2024
President: A new history of Shusha begins today
22:33 10.05.2024
Azerbaijani President: The war could not have ended successfully without Shusha
21:45 10.05.2024
Is a Peace Agreement Between Azerbaijan and Armenia Possible by November?
21:00 10.05.2024
Spain, Ireland intend to recognize Palestine, Borrell says
20:00 10.05.2024
Brazilian flood death toll reaches 107
Brazilian flood death toll reaches 107
19:40 10.05.2024
Napoli star Kvaratskhelia ‘top priority’ for PSG to replace Mbappe
Napoli star Kvaratskhelia ‘top priority’ for PSG to replace Mbappe
19:20 10.05.2024
Participation of Swiss companies in restoration work in Karabakh and Eastern Zangazur discussed
19:00 10.05.2024
Green technology online platform to be established in Azerbaijan
18:40 10.05.2024
Alparslan Bayraktar: Türkiye aims to deepen energy cooperation with US
18:20 10.05.2024
Bilateral Meeting Commences: Azerbaijani and Armenian Foreign Ministers Discuss Peace Agreement in Almaty
17:45 10.05.2024
COP29 president mulls consequences of climate change in Pakistan
17:22 10.05.2024
Azerbaijan Army holds Military Oath-taking ceremonies - VİDEO
Azerbaijan Army holds Military Oath-taking ceremonies - VİDEO
17:05 10.05.2024
Ilham Aliyev views works done on Khankandi-Shusha-Lachin highway
Ilham Aliyev views works done on Khankandi-Shusha-Lachin highway
17:03 10.05.2024
President Ilham Aliyev lays foundation of Turshsu settlement of Shusha district
16:57 10.05.2024
President, First Lady attend opening of first residential complex in Shusha
16:38 10.05.2024
Armenian FM Mirzoyan: Yerevan aimed at signing peace treaty
16:05 10.05.2024
Scotland's first minister says independence from UK 'can be achieved in five years'
Scotland's first minister says independence from UK 'can be achieved in five years'
15:48 10.05.2024
Russian Analyst Offers Insights on Armenian Border Guard Situation and Foreign Policy Dynamics
15:30 10.05.2024
Azerbaijani FM Bayramov hopes two days of work in Almaty will be positive
15:24 10.05.2024
President, First Lady view reconstruction work at Chol Gala Mosque in Shusha
15:15 10.05.2024
Iranian Government Attempting to Persianize Nizami Ganjavi
15:02 10.05.2024
Iran Unveils Discovery of New Oil and Gas Reserves
Iran Unveils Discovery of New Oil and Gas Reserves
14:45 10.05.2024
Umud Mirzayev: "Heydar Aliyev is an eternal leader"
14:33 10.05.2024
Meeting of Azerbaijani, Armenian foreign ministers kicks off in Almaty
14:22 10.05.2024
Hamısı