Malaysia’s former PM Najib served with bankruptcy notice over tax bill
The bankruptcy notice came as Najib began his appeal against his conviction last year on charges in a case involving millions he received from a former unit of troubled state fund 1MDB.
Malaysia’s former prime minister Najib Razak said he was served with a bankruptcy notice by the Inland Revenue Board for failing to pay a tax bill totaling 1.74 billion ringgit ($420 million).
He said the “tyrannical” tax imposed on him has no merit and has asked his lawyer to obtain a stay order, according to his Facebook post late Tuesday.
The bankruptcy notice came as he began his appeal against his conviction last year on charges in a case involving millions he received from a former unit of troubled state fund 1MDB. Malaysia’s court ruled in 2020 that Najib must pay 1.69 billion ringgit in taxes, a bill he has disputed.
Being a bankrupt would mean he would lose his parliamentary seat and will be ineligible to contest for party polls and national elections, he said.
He said the case relates to 3 billion ringgit put in an account under his name that was used to receive donations for corporate social responsibilities and political purposes.