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MP tells cops to probe PM after Good Star revelation
Published:  May 29, 2016 5:32 PM
Updated: 10:20 AM

Segambut MP Lim Lip Eng today lodged a police report against Prime Minister Najib Abdul Razak and former 1MDB CEO Shahrol Azral Halmi, following revelations that businessman Jho Low was the owner of Seychelles-registered Good Star Limited.

"I urge a police investigation against Najib as sole signatory to the 1MDB funds, and former 1MDB CEO Shahrol Azral for approving the transfer of funds to Good Star," he said in his report.

Police should probe the duo for fraud, criminal breach of trust and abetting to hide ill-gotten gains, under Section 411 and 414 of the Penal Code, he said.

He lodged the report at the Dang Wangi district police headquarters.

This comes after The Wall Street Journal reported Bank Negara Malaysia confirmed Good Star, which received US$1.03 billion from 1MDB, belonged to Low.

The government earlier said Good Star belonged to oil firm PetroSaudi International, which 1MDB had been in a joint venture with.

However, the US daily said the central bank told the Public Accounts Committee that Good Star belonged to Low.

According to PAC member Tony Pua, PAC chairperson Hasan Arifin did not reveal this information to the committee.

Good Star has since been dissolved, while the joint-venture between 1MDB and PetroSaudi is defunct.

The funds 1MDB invested into the venture were converted into investment units in the Cayman Islands.

The government later said the funds were repatriated to Singapore due to Bank Negara regulations.

It initially said the funds were repatriated in cash and held at BSI Bank Singapore, but later clarified that it is held in the form of “assets”.

The finance ministry clarified that the assets are measured in “units” but did not clarify what it meant by this.

Bank Negara had fined 1MDB for failure to comply with central bank regulations on this transaction.

PM Najib has denied any allegations of wrongdoing, while his office accuses the Wall Street Journal of perpetuating lies. The daily stands by its reports.

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Did Najib lie to Parliament about Good Star ownership?