Malaysia will still lose tens of billions of ringgit to the 1MDB scandal even after further overseas asset recoveries, its second finance minister said on Wednesday, as disgraced former prime minister Najib Razak prepares to move to house arrest.
Najib has been imprisoned since 2022 following his conviction for corruption and money laundering tied to SRC International, a former subsidiary of 1Malaysia Development Berhad (1MDB). The sovereign wealth fund was co-founded by Najib in 2009 during his time as prime minister. He has consistently maintained his innocence.
“Additional recoveries will not eliminate the losses from 1MDB or bring the losses borne by the country below tens of billions of ringgit,” Amir Hamzah Azizan, Malaysia’s second finance minister, told parliament on Wednesday.