1MDB probe widened to cover BN parties and politicians

PETALING JAYA: Barisan Nasional (BN) parties will be investigated if they have received money from 1Malaysia Development Bhd (1MDB).
The Straits Times of Singapore today reported that investigations into 1MDB had been widened to cover flows of funds to BN parties and politicians.
The report said investigations are being carried out under the Anti-Money Laundering Act. The probes had also extended to law firms with ties to the previous government.
Bank accounts alleged to contain funds stemming from 1MDB could be frozen, pending investigation and trial, while MPs and elected representatives could face disqualification from their elected office if found guilty, the report said, citing government officials and finance executives.
Investigating BN component party finances could have wide implications on the country's political landscape, the report said, as Umno and MCA have wide business interests.
Umno's business interests under a private company Temasek Padu Sdn Bhd is estimated to be valued at roughly RM800 million.
The MCA's business assets, estimated at more than RM3 billion, are under Huaren Holdings Sdn Bhd. Its investments include extensive property developments and control of Star Publications.
Government officials and bankers said any direct links between BN officials, who are also business nominees, with 1MDB-related funds could put these investment holdings at risk.