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Malaysian fund denies it funneled $700 million to leader

“So it is incumbent on responsible members of the media not to accept documents as genuine unless verified by the appropriate authorities”, it said.

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The company reiterated that recent revelations had raised concerns about the veracity of a number of “leaked” documents which certain media outlets, and online blogs such as The Sarawak Report, have used to “mislead the public and justify spurious allegations against the company and the government”.

Prime Minister Datuk Seri Najib Razak, in a Facebook post, says he has never taken funds, whether from 1MDB, SRC worldwide or other entities, for personal gain as alleged by his political opponents.

Malaysia’s ringgit currency tumbled to 3.7845 against the dollar, its lowest level since July 2005, on Friday after the report’s publication.

“The prime minister is in a very influential position within the party right now”, said Wan Saiful Wan Jan of the Institute for Democracy and Economic Affairs (IDEAS) think tank in Kuala Lumpur. Its report has not yet been released.

Najib, now in his second term, has also been under pressure over his management of the economy and a scandal arising from the high-profile killing of a Mongolian model nine years ago.

Najib Razak, Malaysia’s prime minister, angrily denied allegations that he secretly received close to $700 million from a government investment fund as opposition politicians stepped up demands that he resign.

The state fund has faced a storm of criticism over financial mismanagement that has resulted in a debt of almost US$11.6 billion.

The PMO noted that 1Malaysia Development Bhd has stated that it never provided funds to Najib.

1MDB said the news reports cited documents “whose existence and authenticity have not been publicly verified”, and slammed them as “highly irresponsible and a deliberate attempt to undermine the company”.

“He must immediately issue an immediate, specific and credible response to these very serious allegations”, said Wan Azizah, who is the wife of jailed ex- opposition leader Anwar Ibrahim.

It said allegations that it transferred money for corporate social responsibility (CSR) programmes into Najib’s personal bank account were baseless. “Staying silent will likely fuel Malaysians’ distrust of him and his administration”, he told AFP. However, he retains support within the long-ruling Barisan Nasional (BN) coalition.

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But IG Markets strategist Bernard Aw said that clearing the air over 1MDB was “critical to maintain investor confidence in the economy”.

$700 million went into Malaysia PM's personal account