MACC fines 80 more individuals and entities for 1MDB state fund misappropriation

The Malaysian Anti-Corruption Commission (MACC) has fined a total of 80 individuals and entities for misappropriating from 1Malaysia Development Berhad (1MDB) state fund, according to multiple media reports such as Reuters and The Star. While MACC head Latheefa Koya did not disclose the amount, she told reporters that it could be up to 2.5 times the amount received from 1MDB.

She added that investigations have been launched into the 80 individuals and organisations, who received RM420 million. However, the list is still "not exhaustive".

Among the names include former Malaysian PM Najib Razak’s brother and former chairman of CIMB group Holdings, Nazir Razak. He had received about RM25.7 million in cheques, said the news reports. Funds were also found to have been distributed to companies, political parties and organisations linked to Najib’s coalition.

Last month, news broke that production company Red Granite Pictures, which is owned by Najib’s stepson Riza Shahriz, had allegedly received US$9 million as an advance to produce The Wolf of Wall Street. Good Star, a company belonging to fugitive businessman Low Taek Jho (commonly known as Jho Low) paid the amount to Red Granite Pictures.

In August, it was also revealed that Najib had allegedly to paid digital agency Orb Solutions RM2 million to handle his public image. According to a testimony in court, the agency was formed to serve mainly one client – Najib – and manage his personal online communications and assets. Duties included management of his personal websites, social media accounts and activities that were deemed online-to-offline.

Najib is currently facing allegations from misappropriating RM1 billion from 1MDB, which he had set up in 2009. Investigators have previously estimated that about RM4.5 billion of the state investment fund have been misappropriated.

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