Allegedly laundered money: Malaysia probes claim China offered to bail out 1MDB

Allegedly laundered money: Malaysia probes claim China offered to bail out 1MDB

"The Chinese side is committed to working together with the Pakatan Harapan government under the leadership of Prime Minister Tun Dr Mahathir (Mohamad) towards creating a brighter future for China-Malaysia relations", it said.

Chinese officials told visiting Malaysians that China would use its influence to try and get the USA and other countries to drop probes of allegations that allies of then-Prime Minister Najib Razak and others plundered the fund, according to the Journal. It further offered to bug the offices and homes of Journal reporters reporting on the fund and leak information, according to the newspaper.

The Chinese Embassy in Malaysia yesterday said both China and Malaysia had all along treated each other as "friendly neighbours and honest partners".

The journalists reviewed minutes from meetings between Chinese and Malaysian officials that had not been disclosed before. In return Malaysia offered China lucrative stakes in railway and pipeline projects for Beijing's Belt and Road infrastructure initiative, the report said.

THE Chinese embassy in Kuala Lumpur today dismissed as "baseless" a news report's allegations that China worked out a secret deal with Malaysia to bail out the debt-ridden 1Malaysia Development Bhd in exchange for construction contracts. The minutes showed that the Chinese leaders said they would endeavor to use their influence so that probes into the involvement of the cohorts of former Malaysian Prime Minister Najib Razak in the scandal would be dropped.

Since coming to power in May, Mahathir's government has accused the Najib administration of inflating the cost of Chinese deals.

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1MDB acquired global attention as it involved claims of misappropriation and money laundering, with the US, Malaysia and Singapore probing on the case. "I have to refer back to any details explicitly said".

Malaysia's Finance Minister Lim Guan Eng told local media that he could not confirm the claims but would look into the matter. He has denied wrongdoing and pleaded not guilty to all charges.

"We promote the Belt and Road initiative under the principles of wide consultation, joint contribution and shared benefits, with an aim to pursue shared development and prosperity", it said.

The report was written by Tom Wright and Bradley Hope, WSJ reporters who wrote a book called Billion Dollar Whale about the scandal and in particular, Low Taek Jho, the high-flying Malaysian financier at the heart of the scandal.

The U.S. Justice Department has estimated that a total of $4.5 billion was misappropriated by high-level 1MDB fund officials and their associates between 2009 and 2014, including some of the funds that Goldman Sachs helped raise.

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