Malaysia PM To Extend Tenure, Probe Najib's Regime

Malaysia ETF Policy Shifts Could be Looming

Malaysia ETF Policy Shifts Could be Looming

Kuala Lumpur - Malaysia's 92-year-old new leader Mahathir Mohamad said he expects to stay as prime minister (PM) for up to two years and vowed not to cut any deals to keep his predecessor out of jail for alleged corruption.

Najib set up 1MDB in 2009 and previously served as chairman of its advisory board.

Former Prime Minister Najib's Barisan Nasional (BN) coalition government was ousted in the historic election held last Wednesday (May 9) that marked the first time power has changed hands in the history of Malaysia.

His new attorney general, Mohamed Apandi Ali, cleared Najib of any wrongdoing in 2016, saying the money was a donation from the Saudi royal family and that most of it had been returned. "If there is no case, we do not go for detention without trial".

Mahathir said in a televised broadcast that the law will be redefined to clearly specify what constitutes fake news.

"There have been a lot of complaints against the AG but no formal reports (lodged against him). In order to establish the most efficient form of cooperation and to ensure good coordination of the criminal investigations, the OAG favours an exchange between partnering authorities at their earliest convenience", an OAG spokesman said by email.

The government later announced that treasury head Mohamad Irwan Serigar Abdullah, who is also 1MDB's chairman, "will not be allowed to carry out his duties as treasurer general or any matters relating to the finance ministry". Both police officers said investigators were not primarily interested in the luxury items but were chasing documents that could be vital for investigations into Najib's administration.Kuala Lumpur's police chief and an official police spokeswoman did not respond to requests for comment.Najib said earlier on Saturday that he was going overseas for a week to rest, but just minutes later the Department of Immigration announced that he and his wife had been barred from leaving the country. Mahathir sacked and jailed Anwar on charges of sodomy and corruption.

The Malaysian Anti-Corruption Commission found evidence in late 2015 that 42 million ringgit (US$10.6 million) was transferred from a former subsidiary of 1MDB into an account of Najib, but its recommendation for further investigation was rejected by the attorney general, a member of a panel that reviewed the commission's case files told Reuters.

He was also accused of halting a probe into a retirement fund.

The scandal is being investigated in at least six countries, including Singapore, Switzerland and the United States. 1MDB, which is staggering under enormous debt, has sold assets to Chinese interests and is slated to be shuttered.

Low, a friend of Najib's stepson Riza Aziz, had no official role at 1MDB but USA investigators say he had considerable influence over its dealings and was often in contact with Najib.

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