Malaysia’s Finance Minister Lim Guan Eng says the government will sell much of the huge stash of jewelry and luxury goods, including diamond necklaces, tiaras and designer handbags, seized in a money-laundering probe of former leader Najib Razak.
Police say that 12,000 pieces of jewelry, 567 handbags, 423 watches and 234 sunglasses were seized last month from properties linked to Najib after his shocking electoral defeat. The police estimate the haul, the biggest in the country’s history, is worth over $273 million.
Continue Reading Below
Lim told the Associated Press in an interview Friday that the government will “try to monetize whatever we can.” He said the amount is a drop in the ocean compared to some 50 billion ringgit ($12.4 billion) believed to have been stolen from the 1MDB state investment fund.
