Malaysia PM under pressure over 'fraud'

Malaysian PM Najib Razak is facing pressure internationally and at home amid US allegations of massive fraud at state investment fund 1MDB.

The fund was set up by Najib in 2009 with the stated aim of boosting the Malaysian economy. But US Attorney General Loretta Lynch said evidence showed it had defrauded Malaysians "on an enormous scale".

On Wednesday, US authorities moved to seize more than $1bn (£761m) in assets related to the fund.

Najib is not named in the papers and has consistently denied wrongdoing, reports BBC.

But he is identifiable as "Malaysian Official 1", whose account allegedly received millions in funds originating from 1MDB. The $1bn the US hopes to seize would make up only a proportion of the more than $3.5bn (£2.6bn) allegedly diverted.

Meanwhile, Singapore said yesterday it had seized nearly $180 million linked to scandal-tainted Malaysian state fund 1MDB.

They said half the frozen Singapore assets were linked to Low Taek Jho, a Malaysian businessman close to Najib's family, reports AFP.

In brief comments to reporters at a public event in Kuala Lumpur yesterday, Najib declined to directly address specific US allegations, saying "we have to establish the facts first".