Police today revealed that items seized during a raid last month on properties linked to former prime minister Najib Abdul Razak have an estimated retail value of close to RM1 billion.

In listing the items seized, including jewellery, handbags and luxury watches, Federal Commercial Crime Investigation Department (CCID) director Commissioner Amar Singh placed their total value at RM686.37 million.

He announced that their market retail value, however, could be between RM910 million and RM1.1 billion.

The items and their basic value are as follows:

  • RM116.7 million cash in 26 currencies
  • 272 out of 567 handbags valued at RM51.3 million (Remaining 295 still being valued)
  • 423 watches valued at RM78 million
  • 234 sunglasses valued at RM374,000

The jewellery items worth RM440 million include:

  • 1,400 necklaces
  • 2,200 rings
  • 2,100 bangles
  • 2,800 earrings
  • 1,600 brooches
  • 14 tiaras

Eight days to inspect handbags

Amar said police took about a month to thoroughly inspect and evaluate all the items as "their number and values were too huge."

He added that a total of eight teams, comprising experts and 150 police officers, were formed to go through the items.

"We've been working day and night to complete calculating the confiscated items and my men had to work during the Raya holiday too.

"For the jewellery, we took 16 days to examine and complete the calculation. The estimated value of all these jewellery is at RM440 million, excluding the cost of workmanship and design.

"The exact value could be up to 100 percent more," he said during a press conference at Commercial Crime Investigations Department (CCID) headquarters in Menara 238 in Kuala Lumpur, today.

It is learnt that the most expensive jewellery in the list was a gold necklace valued at RM6.4 million.

Meanwhile, he said police had to take eight days to inspect all the handbags seized.

Hermes, Prada, Chanel, Rolex, Bijan...

Police have been, however, unable to finalise the valuation of all 567 bags as they are still in the midst of authenticating them.

"There were 37 brands such as Hermes, Prada, Chanel and Bijan.

"For now, we can confirm the value of 272 Hermes handbags, which is at RM51.3 million."

As for the watches, Amar said police spent three days calculating their number and value. They include watches by notable Swiss luxury brands Rolex and Chopard.

"One of the Rolex watches was valued at RM3.5 million and a Richard Mille watch valued at RM1.6 million."

Amar said the items listed had been seized during raids in six premises, including four in the city and two in Putrajaya.

He further confirmed that police have recorded statements from 30 people in relation to the 1MDB scandals.