Malaysia sets up new 1MDB criminal task force

Malaysia sets up new 1MDB criminal task force

FILE PHOTO: A man walks past a 1 Malaysia Development Berhad (1MDB) billboard at the funds flagship
A man walks past a 1 Malaysia Development Berhad (1MDB) billboard. (File Photo: REUTERS/Olivia Harris)

KUALA LUMPUR: Malaysia has set up a special task force that will look into possible criminal conduct of individuals involved in the management of state fund 1Malaysia Development Berhad (1MDB), the prime minister's office said on Monday (May 21).

The task force, which will include the anti-corruption agency, police and the central bank, will also be responsible for identifying and seizing assets acquired using funds allegedly siphoned from the state fund. 

1MDB was set up in 2009 by embattled former prime minister Najib Razak, whose near 10-year rule ended in electoral defeat on May 9.

"This task force will also be responsible for seeking cooperation of various enforcement agencies in the United States, Switzerland, Singapore, Canada and other related countries," the office of new Prime Minister Mahathir Mohamad said in a statement. 

The announcement of the task force comes after Malaysia's Council of Eminent Persons said last Thursday that a five-member committee has been set up to look into matters relating to 1MDB.

Last week, Malaysian police raided several residences linked to former prime minister Najib Razak in their investigations into allegations of fraud and corruption at 1MDB. 

The police seized what they called a huge trove of cash, jewellery and luxury items from the residences.

Mr Najib has denied any wrongdoing. 

Source: Reuters