Ex-Malaysia prime minister Najib Razak risks bankruptcy over unpaid taxes totaling 1.74 billion ringgit in the midst of his appeal against his 1MDB-related corruption conviction.
Malaysia’s Inland Revenue Board served a bankruptcy notice to Najib Razak for his failure to pay a tax bill totaling totaling 1.74 billion ringgit ($420 million).
This occurs in the midst of Najib's appeal against the 1MDB-linked convictions and a court ruling last year that he had to pay 1.69 billion ringgit in taxes.
Political Move?
According to Najib on his social media account, he claimed that Malaysian law was being exploited for political means and that if declared bankrupt, he would lose his seat as a parliament member and would not be able to stand as an election candidate.
«I will not bow to individuals who abuse the laws of this country to oppress me on the basis of politics and greed to cling to power,» he said, adding that he had asked his lawyers to obtain a stay order for the bankruptcy notice.
Najib also said that the tax case relates to 3 billion ringgit placed in an account under his name for receiving donations for corporate social responsibilities and political purposes.
