Valuation of seized items subjective, says Najib Razak

12,000 pieces of jewellery accounted for the biggest portion of the seizure from Najib's properties

12,000 pieces of jewellery accounted for the biggest portion of the seizure from Najib's properties

He said this would be part of their next move after the police concluded their appraisal of items seized from several properties linked to the former prime minister.

The items comprised 12,000 pieces of jewelry, 567 handbags, 423 watches and 234 sunglasses, said commercial crime investigations chief Amar Singh.

Investigators in Malaysia-along with their counterparts in the US, Singapore, Switzerland, and elsewhere-are trying to determine exactly what happened to over $4 billion embezzled out of state development fund 1Malaysia Development Berhad (1MDB) during Najib's time in office.

Allegations of corruption at the defunct 1MDB state investment fund that Najib set up led to his shocking defeat in May 9 elections and the end of the 60-year unbroken rule of his coalition.

Jewellery accounted for the biggest portion of the seizure.

Najib has denied any wrongdoing but many voters were swayed by reports that hundreds of millions of missing funds were found in the prime minister's personal accounts.

Singh said that among the most expensive valuables were a 6.4 million ringgit ($1.6 million) diamond necklace and a 3.5 million ringgit ($869,000) Rolex Daytona watch. "Among them were 1,400 necklaces, 2,200 rings, 2,100 bangles, 2,800 pairs of earrings, 1,600 brooches and 14 tiaras", he said. There were 12,000 pieces of jewellery valued at between RM660 million and RM880 million, he said.

The cash totalled $39.2 million.

Commissioner Amar Singh, Malaysia's Federal Commercial Crime Investigation Department (CCID) director, displays a photo of items from a raid during a news conference in Kuala Lumpur, Malaysia June 27, 2018.

Najib told Reuters last week most of the items seized from his homes had nothing to do with 1MDB - they were gifts given to his wife and daughter.

"It is perhaps the largest corruption scandal in the world now", she said, adding that the raids "show that there's so much more that needs to connect in terms of the financial flows, the losses that have taken place".

Amar Singh said the sunglasses were of 34 different brands, among them Versace and Gucci, and all valued at RM374,000.

He added that his son-in-law Daniyar Nazarbayev, the nephew of Kazakstan President Nursultan Nazarbayev, had also given numerous handbags to Rosmah.

He also said the cash found at his house belonged to his political party.

He said the items were worth between 910 million ringgit ($225 million) and 1.1 billion ringgit ($273 million).

PM Mahathir Mohamad, who defeated Najib in the country's May election, has vowed to reclaim the $4.5 billion thought to have been lost from 1MDB and has said authorities have "an nearly ideal case" against his predecessor.

The U.S. Justice Department alleges $4.5 billion was misappropriated from 1MDB - laundered through shell companies and bank accounts in the USA and elsewhere.

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