Business · Malaysia Bureau
Former PM Najib unable to pay RM50m fine due to asset freeze
Legal representatives for Malaysia's former prime minister claim he cannot meet a substantial financial penalty while government seizure orders remain in place. The law firm cited widespread freezing of bank accounts, assets and properties belonging to Najib Razak.
LSN Malaysia ·
Shafee & Co, the legal firm representing former Prime Minister Najib Razak, has argued that a significant portion of his assets remain beyond his control due to ongoing government enforcement actions.
The firm submitted that the majority of Najib's bank accounts, real estate holdings and other assets continue to be subject to freezing orders and enforcement measures imposed by authorities, rendering him unable to access funds needed to settle a RM50 million penalty.
The claim underscores the financial restrictions facing the former premier as he navigates multiple legal proceedings stemming from investigations into alleged financial misconduct during his tenure as prime minister from 2009 to 2018.
Government seizure orders have effectively immobilized much of Najib's wealth as various cases work through the Malaysian legal system, according to his legal representatives. The extent of these restrictions has become a central issue in discussions surrounding his ability to meet court-ordered financial obligations.
The matter highlights ongoing disputes between Najib's legal team and authorities regarding asset management and enforcement procedures related to the former leader's financial affairs.