Malaysia’s Najib Served With Bankruptcy Notice Over Tax Bill
Malaysia’s Najib Served With Bankruptcy Notice Over Tax Bill
(Bloomberg) -- 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. “I will use all my capabilities to come up with the best appeal alongside my lawyers, to help the wise judges make a decision that is based on truth.”
Najib 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.
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.
“Perhaps the act of giving me a bankruptcy notice on the first day of my case appeal was heard was intended to sprinkle salt on the still-bleeding wounds of injustice or to further embarrass me,” Najib said.
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. Najib has been a vocal critic of the current government despite his party, the United Malays National Organization, being part of the ruling administration.
UMNO has said it will end its current ties with Prime Minister Muhyiddin Yassin once the next general election is called. The party unexpectedly returned to power in March last year after Muhyiddin secured a razor-thin majority following the abrupt resignation of his predecessor Mahathir Mohamad.
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