Scanda­l allege­dly involv­es Malays­ia's ex-leader Najib, his family member­s, and inner circle­SINGAPORE: Singapore is returning almost $40 million to Malaysia seized in connection with a massive financial scandal that played a major role in the toppling of the corruption-plagued government of Najib Razak, police said. The scandal – allegedly involving Malaysia’s ex-leader Najib, his family members and inner circle – played a key role in the defeat of his long-ruling coalition at the polls last year. Singapore police said their commercial affairs department had filed applications to return around Sg$50.3 million ($37 million) of seized money linked to 1MDB to Malaysia, and the courts have given their approval. It has closed the local branches of two Swiss banks, which were allegedly used to transfer illicit funds, for what regulators called massive lapses in financial controls. Since his election defeat, Najib has been arrested over the scandal and went on trial in April.

Source: The Express Tribune July 19, 2019 03:11 UTC