US move to seize assets piles pressure on Malaysian PM

July 21, 2016 5:02 AM

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KUALA LUMPUR, Malaysia – Pressure is mounting on Malaysian Prime Minister Najib Razak, with lawmakers demanding he go on leave and be held accountable after U.S. officials initiated action to seize more than $1 billion they say was stolen from a state investment fund by people close to the premier.

That fund, known as 1MDB, was created in 2009 by Najib to promote economic development projects. Instead, U.S. prosecutors said, fund officials diverted more than $3.5 billion through a web of shell companies and bank accounts abroad.

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