Former Prime Minister of Malaysia Najib Razak Faces Bankruptcy Notice for $408 Million in Unpaid Taxes

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Former Prime Minister of Malaysia Najib Razak Faces Bankruptcy Notice for $408 Million in Unpaid Taxes

8th April 2021 | Singapore

Najib Razak, the former Prime Minister of Malaysia from 2009 to 2018, had been served with a bankruptcy notice for failing to pay $408 million (MYR 1.69 billion) in unpaid taxes.

” Former Prime Minister of Malaysia Najib Razak Faces Bankruptcy Notice for $408 Million in Unpaid Taxes “

In 2020, Najib Razak was served with a tax notice to pay taxes, penalties and interest of $408 million (MYR 1.69 billion), for receiving billions of funds into his personal account.

- Article continues below -

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USDMYR ~ 4.14 (1 USD = 4.14 Ringgit)

Najib Razak Facebook Post

In a Facebook post on 6th April 2021 (Tuesday), Najib Razak commented (In Malay Language) that the bankruptcy notice is an attempt to destroy his political career.  If declared bankrupt, he will not be able to have an official role in politics, would lose his seat as a member of parliament and not stand as an election candidate in future elections.

• Najib Razak Facebook Post on Bankruptcy Notice
• Najib Razak Facebook

Najib Razak Facing 1MDB Charges

Najib Razak is currently facing corruption and money laundering charges over suspected theft of billions of dollars from 1MDB.

1MDB was Malaysia’s Sovereign Wealth Fund (SWF), of which around $4.5 billion was stolen from the fund, and with the fund being saddled with more than $11 billion of debts.

Founded in 2009 shortly after Najib Razak became Malaysia’s Prime Minister, 1MDB (1Malaysia Development Bhd) was set up as a sovereign investment fund to finance infrastructure projects and related economic projects to spur economic growth in Malaysia.

It became a political and financial scandal as the key businessman Jho Low who is believed to have masterminded the plan, had diverted the 1MDB funds to fund his personal and associates’ lifestyle, including making the Hollywood movie: Wolf of Wall Street, buying a $250 million yacht (Equanimity) and $35 million Bombardier private jet, giving lavish gifts to Victoria secret model Miranda Kerr and Hilton hotel heiress Paris Hilton, investing in luxury real estates, paintings and many more.

1MDB Settlement, Goldman Sachs & AmBank

In July 2020, Goldman Sachs agreed to pay $3.9 billion to the Government of Malaysia to resolve all 1MDB criminal and regulatory proceedings.  With the $3.9 billion settlement, the Government of Malaysia will withdraw all criminal charges and no further charges will be brought against Goldman Sachs, its subsidiaries, or any of their employees, except for former employees Tim Leissner and Roger Ng.

In March 2021, AMMB Holdings (AmBank Group) have agreed to a $700 million (MYR 2.83 billion) global settlement for AmBank Group’s involvement in Malaysia’s sovereign wealth fund 1MDB.  The $700 million (MYR 2.83 billion) settlement amount is in addition to the $13.2 million (MYR 53.7 million) penalty already imposed by Bank Negara Malaysia (BNM) and paid by the AmBank Group.

Related:

• Goldman Sachs to Pay $3.9 Billion to Malaysia to Resolve 1MDB Criminal and Regulatory Proceedings
• Malaysia AmBank Group to Pay $700 Million for all 1MDB Claims to Malaysia Government 
• New Indonesia Sovereign Wealth Fund Grows Assets to $15 Billion, Appoints First CEO

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