Malaysia's commercial crime chief set to give statement on 1MDB

[KUALA LUMPUR] Malaysian police's head of commercial crime was set to hold a press conference on Friday related to 1Malaysia Development Berhad, a day after former premier Najib Razak concluded a statement to anti-graft agents investigating the state fund.

The press conference is due to be held at 11am (0300 GMT).

Allegations of corruption have swirled around Mr Najib who was defeated in a general election two weeks ago, though he has consistently denied any wrongdoing. The new government has barred him from leaving the country, and police have raided his home and properties linked to his family.

He had been summoned by the anti graft agency to explain suspicious transfers of US$10.6 million into his bank account, just a fraction of billions of dollars that went missing from 1MDB, a fund he set up a decade ago.

REUTERS