Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Malaysia ex-PM Najib served with bankruptcy notice over $400 million tax bill

EconomyApr 06, 2021 11:55PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Former Malaysian Prime Minister Najib Razak reacts during a break at Kuala Lumpur High Court in Kuala Lumpur

KUALA LUMPUR (Reuters) - Malaysia's former prime minister Najib Razak has been served with a bankruptcy notice for failing to pay more than $400 million in unpaid taxes, a move that the ex-premier described as an attempt to destroy his political career.

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

He has denied wrongdoing and on Monday launched a court appeal to set aside his conviction and 12-year jail sentence in a 1MDB-related case.

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

Najib, in a Facebook (NASDAQ:FB) post late Tuesday, said officials from the Inland Revenue Board had issued a bankruptcy notice to him over the unpaid tax bill on Monday, shortly after his appeal hearing.

Najib said he believed the timing of the notice was linked to last month's decision by his political party, the United Malays National Organisation (UMNO), to stop cooperating with Prime Minister Muhyiddin Yassin's government in upcoming elections.

If declared bankrupt, Najib said he would lose his seat as a member of parliament and would not be able to stand as an election candidate.

"I will not bow to individuals who abuse the laws of this country to oppress me on the basis of politics and greed to cling to power," he said, adding that he had asked his lawyers to obtain a stay order on the notice.

Muhyiddin's office did not immediately respond to a request for comment. A spokesman from the revenue board declined comment.

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

Despite the charges against him, and though he no longer leads UMNO, Najib has enjoyed a resurgence in popularity and maintains an active social media presence, particularly on Facebook where he has over 4 million followers, more than any other Malaysian politician.

($1 = 4.1240 ringgit)

Malaysia ex-PM Najib served with bankruptcy notice over $400 million tax bill
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
White trash trash
White trash trash Apr 07, 2021 3:20AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"I will not bow to individuals who abuse the laws of this country to oppress me on the basis of politics and greed to cling to power," hahahaha, pot calling kettle black
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email