>> Malaysia's former Prime Minister Najib Razak may face charges of money laundering and dishonest misappropriation of property. That's according to Reuters sources. Najib is under investigation after reports that millions of dollars made their way into his personal bank accounts from state-owned fund 1MDB. And last month Malaysian police said that cash worth nearly $30 million as well as jewelry and over 400 luxury hangbags were seized from several apartments linked to Najib.
Misappropriation carries a maximum jail sentence of 5 years, a fine and a whipping, although the law forbids men over 50 from being whipped. Najib suffered a shock loss to his former protoge Mahathir Mohamad in the general election in May, the first change of government in Malaysia since 1957.
The new prime minister has vowed to bring back the funds that were allegedly siphoned from 1MDB and punish those responsible. The Malaysian government will also scrutinize the $600 million paid in fees to Goldman Sachs for three bond sales for 1MDB between 2012 and 2013. Critics say the fees were far in excess of normal.
Najib who founded the 1MDB fund in 2009 has consistently denied any wrongdoing.