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Former Malaysian PM arrested in graft probe, awaiting charges

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Former Malaysian PM arrested in graft probe, awaiting charges

Malaysian anti-corruption authorities arrested former Prime Minister Najib Razak in relation to a graft probe, media outlets reported.

Najib's arrest is related to an investigation into how about $4.5 billion allegedly went missing from investment fund 1Malaysia Development Bhd., or 1MDB, Reuters and the Financial Times wrote. The former prime minister is expected to be charged July 4 with abuse of power at SRC International, a former subsidiary of 1MDB from which 42 million Malaysian ringgit were believed to have been transferred to Najib's personal account, Reuters reported, citing a source close to his family.

1MDB was founded by Najib in 2009 and is under investigation in at least six countries for alleged money laundering and graft. Najib's government created SRC in 2011 to invest in overseas energy resources and moved the division to the finance ministry in 2012, Reuters added.

Najib was replaced by current Prime Minister Mahathir Mohamad, whose political coalition secured a majority of the seats in the lower house of parliament in a general election held in early May.

As of July 2, US$1 was equivalent to 4.04 Malaysian ringgit.