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212 of 306 handbags seized from Najib-linked condo last year are Hermes, worth RM47 million

May 20, 2019

Investigators lift sealed boxes believed to contain luxury designer bags onto a Black Maria outside Pavilion Residences in Kuala Lumpur May 18, 2018. — Picture by Hari Anggara

KUALA LUMPUR, May 18 — Two hundred and twelve of the 306 handbags seized from a condominium linked to former prime minister Datuk Seri Najib Razak last year are Hermès and worth about RM47 million, according to a news report.

The Edge reported that other items seized include 401 watches valued at RM74 million, 11,990 pieces of jewellery estimated to be worth hundreds of millions of ringgit, and RM114 million cash in various currencies.

The report said investigators have since discovered that money from 1MDB went into four Singapore-based companies, owned by fugitive businessman Jho Low’s right-hand man Eric Tan Kim Loong.

Tan also managed the bank accounts opened in Singapore and Switzerland by his boss to allegedly launder money.

The four companies spent US$247.59 million (RM1.03 billion) to purchase the jewellery from 30 jewellers worldwide.

Of the cash in various currencies, it predominantly consisted of S$9.8 million (RM30 million).

The seizures are part of the estimated RM680 million the government is seeking to recover. Authorities also confiscated luxury watches and cash from Najib’s family residence in Taman Duta, and a house in Putrajaya.

The condominium in Pavilion Residences is owned by Obyu Holdings Sdn Bhd, whose controlling shareholder is Sarawak tycoon Tan Sri Bustari Yusof, a close associate and golfing companion of Najib’s.

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From → Malaysia Upclose

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