Valuation of seized items subjective, says Najib Razak

Items seized from premises linked to Malaysia ex-PM Najib worth $273 million

Items seized from premises linked to Malaysia ex-PM Najib worth $273 million

Malaysia's new government led by the 92-year-old Mahathir Mohamad reopened investigations into billions of dollars allegedly siphoned out of 1Malaysia Development Berhad (1MDB) after Najib's administration lost a general election in May, fuelled by anger over the scandal and rising living costs.

Amar Singh, head of the police commercial crime division, said the retail value of the items seized from six properties linked to Najib was between 900 million ringgit and 1.1 billion ringgit ($224 million-$273 million).

Amar Singh said the count of the items took so long because the amount was simply too much and the officers did not have the necessary expertise.

Mahathir said this week it was hard to prove Rosmah's involvement as her signature, unlike Najib's, was not on any 1MDB documents.

"The most expensive jewellery seized from the raids at Najib's premises were a necklace worth RM6.4 million. The other handbags have yet to be evaluated as we are waiting for the experts to assess them", he said.

Najib and his wife have been barred from leaving the country.

About $29 million in cash, in 26 different currencies.

He told a press conference on Wednesday (June 27): "We will call them up soon for questioning".

Singh said police planned to take statements from Najib and his wife, Rosmah Mansor, on the ownership of the seized items.

Malaysian authorities have made the first arrest in a renewed probe into the multi-billion dollar scandal at state fund 1MDB, remanding a former aide of ousted prime minister Najib Razak to assist in investigations, Bernama news reported on Monday.

And 567 handbags were seized, including designer Hermes bags worth 51.3m ringgit (£9.6m), he added.

The police also found 423 watches worth 78 million ringgit and 234 pairs of sunglasses.

On May 24, Umno requested the police return the money confiscated from former president Najib's house on Jalan Langgak Duta on May 17, claiming it was part of the party's campaign funds. The most expensive watch is a Rolex Paul Newman Daytona worth US$869,565.

Dr Mahathir, in an interview with Reuters last week, said Mr Najib was responsible for the 1MDB scandal and that the authorities have built "an nearly flawless case" against him.

The U.S. Justice Department alleges $4.5 billion was misappropriated from 1MDB - laundered through shell companies and bank accounts in the United States and elsewhere.

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