AGL 38.16 Decreased By ▼ -0.06 (-0.16%)
AIRLINK 134.19 Increased By ▲ 5.22 (4.05%)
BOP 8.85 Increased By ▲ 1.00 (12.74%)
CNERGY 4.69 Increased By ▲ 0.03 (0.64%)
DCL 8.67 Increased By ▲ 0.35 (4.21%)
DFML 39.78 Increased By ▲ 0.84 (2.16%)
DGKC 85.15 Increased By ▲ 3.21 (3.92%)
FCCL 34.90 Increased By ▲ 1.48 (4.43%)
FFBL 75.60 Decreased By ▼ -0.11 (-0.15%)
FFL 12.74 Decreased By ▼ -0.08 (-0.62%)
HUBC 109.45 Decreased By ▼ -0.91 (-0.82%)
HUMNL 14.10 Increased By ▲ 0.09 (0.64%)
KEL 5.40 Increased By ▲ 0.25 (4.85%)
KOSM 7.75 Increased By ▲ 0.08 (1.04%)
MLCF 41.37 Increased By ▲ 1.57 (3.94%)
NBP 69.70 Decreased By ▼ -2.62 (-3.62%)
OGDC 193.62 Increased By ▲ 5.33 (2.83%)
PAEL 26.21 Increased By ▲ 0.58 (2.26%)
PIBTL 7.42 Increased By ▲ 0.05 (0.68%)
PPL 163.85 Increased By ▲ 11.18 (7.32%)
PRL 26.36 Increased By ▲ 0.97 (3.82%)
PTC 19.47 Increased By ▲ 1.77 (10%)
SEARL 84.40 Increased By ▲ 1.98 (2.4%)
TELE 7.99 Increased By ▲ 0.40 (5.27%)
TOMCL 34.05 Increased By ▲ 1.48 (4.54%)
TPLP 8.72 Increased By ▲ 0.30 (3.56%)
TREET 17.18 Increased By ▲ 0.40 (2.38%)
TRG 61.00 Increased By ▲ 4.96 (8.85%)
UNITY 28.96 Increased By ▲ 0.18 (0.63%)
WTL 1.37 Increased By ▲ 0.02 (1.48%)
BR100 10,786 Increased By 127.6 (1.2%)
BR30 32,266 Increased By 934.6 (2.98%)
KSE100 100,083 Increased By 813.5 (0.82%)
KSE30 31,193 Increased By 160.9 (0.52%)

Luxembourg on Thursday launched a money laundering probe linked to a corruption scandal embroiling Malaysian Premier Najib Razak who is accused of using money in a state-run fund for his own purposes. Najib, 62, has been under fire over allegations that billions of dollars were stolen from 1MDB, the now struggling state firm he founded, and his acceptance of a $681 million overseas payment. Reports have also emerged of the luxurious lifestyles, lavish spending and jet-set travel arrangements of his family, stoking calls for his resignation.
The Luxembourg prosecutor's office said in a statement that it had launched the probe "following revelations about the alleged diversion of funds from 1MDB". "The suit concerns money laundering of funds likely to have come from the embezzlement of public monies," it said. It said the decision to task an examining magistrate with the probe was taken "after concrete indications" that public money had been diverted via offshore companies with accounts in Singapore, Switzerland and Luxembourg.
The probe will focus on tracking down payments made after bond issues in May and October 2012, it said. The small duchy of Luxembourg is home to a major financial services centre, with clients world-wide. US authorities are reportedly looking into 1MDB-related fund flows, while Swiss, British, Singaporean and Hong Kong authorities also are scrutinising them.
Najib denies any wrongdoing, saying the corruption accusations are part of an unspecified political conspiracy against him. He has curbed investigations into the scandal and purged his ruling United Malays National Organisation (UMNO) of critics, essentially shutting off internal party challenges.

Copyright Agence France-Presse, 2016

Comments

Comments are closed.