Former Malaysian Prime Minister Najib had a $ 400 million bankruptcy notice

© Reuters. FILE PHOTO: Former Malaysian Prime Minister Najib Razak reacts during a break at the Kuala Lumpur Supreme Court in Kuala Lumpur

KUALA LUMPUR (Reuters) – Malaysia’s former Prime Minister Najib Razak was served a bankruptcy notice for paying no more than $ 400 million in unpaid taxes. This move was described by the ex-prime minister as an attempt to destroy his political career.

Najib, who lost a historic election in 2018, faces dozens of corruption and money laundering charges over the alleged theft of billions of dollars from 1Malaysia Development Berhad, a sovereign wealth fund he co-founded.

He has denied wrongdoing and filed an appeal on Monday to overturn his conviction and 12-year sentence on a case related to 1MDB.

Last year, a Malaysian court ordered Najib to pay 1.69 billion ringgit ($ 409.80 million) in unpaid taxes accumulated between 2011 and 2017 while he was still in office, including fines and interest .

Najib said in a Facebook (NASDAQ 🙂 post late Tuesday that Inland Revenue Board officials filed for bankruptcy on Monday shortly after his appeal hearing on unpaid tax charges.

Najib said he believed the timing of the announcement was linked to the decision of his political party, the United Malays National Organization (UMNO), to stop cooperating with Prime Minister Muhyiddin Yassin’s government in the upcoming elections.

In the event of bankruptcy, Najib said he would lose his MP seat and not be able to run as a candidate for election.

“I will not bow to anyone who is abusing the laws of this country to suppress me on the basis of politics and greed to hold on to power,” he said, adding that he had asked his lawyers for one To obtain a residence permit in the notice of termination.

Muhyiddin’s office did not immediately respond to a request for comment. A Revenue Board spokesman declined to comment.

UMNO unexpectedly returned to power last year as part of a coalition that appointed Muhyiddin prime minister after the previous coalition government led by veteran leader Mahathir Mohamad fell apart.

Despite the charges brought against him and even though he no longer leads UMNO, Najib is enjoying growing popularity again and maintaining an active social media presence, particularly on Facebook, where he has more than 4 million followers than any other Malaysian politician.

($ 1 = 4.1240 ringgit)

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