Malaysia: Ex-prime minister Najib faces new corruption complaints

Adjust Comment Print

In Malaysia, Prime Minister Mahathir Mohamad has banned several officials of the previos government from leaving the country.

Former Malaysian Prime Minister Najib Razak says he will take a short holiday to spend time with his family after a shocking electoral defeat that ended the 60-year rule of his coalition.

Companies with ties to either former prime minister Najib Razak's BN or Mahathir's Pakatan Harapan (PH) might also get some trading interest.

Lim was one of three ministers announced by Dr Mahathir yesterday, three days after the PH coalition swept to power in a stunning win at the general election.

Malaysia's newly elected Prime Minister Mahathir Mohamad attends a news conference in Menara Yayasan Selangor, Pataling Jaya, Malaysia May 12, 2018.

'Govt Can Afford To Scrap GST' - Mahathir vehemently brushed aside claims that the country's revenue will decrease if the GST is abolished, as NST reported that the Prime Minister stressed that the root cause of lack of funds in the government is misused funds. Lim is the chief minister of Penang state, but is largely unknown in worldwide financial circles. The state fund has spawned billion-dollar investigations in at least 10 countries including the USA and Switzerland.

Oil prices under pressure since Trump's Iran announcement
Brent crude was up 20 cents at 77.32 dollars a barrel by 1315 GMT and US light crude rose 10 cents to 70.80 dollars. OPEC slightly raised its estimate of growth in world demand this year to 1.65 million bpd.


Also Saturday, Mahathir appointed Lim Guan Eng, an ethnic Chinese, as finance minister, the first member of an ethnic minority group to be appointed to the powerful post in 44 years.

SEE ALSO: Malaysian election belongs to Mahathir: now what? . Jailed politician Anwar Ibrahim, Mahathir's nemesis-turned-ally, issued a statement on Sunday insisting his People's Justice Party (PKR) still supported the new premier after a senior figure from his party said the cabinet appointments were made without their consultation.

He said a special team of eminent persons, called the "council of elders", has been formed to advise the government on economic and financial matters during the transitional period.

After that, there were reports of around $700 million transferred from the fund to Najib's personal bank accounts. He has said the funds were a donation from the Saudi royal family and was later cleared by Mr Apandi of any wrongdoing.

Gamuda Bhd., the nation's largest construction company, fell as much as 19 percent - the most since October 2008 - after the new government said it will review the projects by the previous administration. Anwar's daughter Nurul Izzah said her father, whose sentence ends June 8, would be released Tuesday.

Comments