Saudi Arabia confirms gift to Malaysian Prime Minister of nearly 700 million USD

Saudi Arabia yesterday publicly confirmed for the first time that the $681 million in the Malaysian Prime Minister's bank account was a gift from the country's royal family.

Malaysian Prime Minister Najib Razak. Photo: The Mole

Saudi Foreign Minister Adel Al-Jubeir told Malaysian reporters in Istanbul, Türkiye, that the money was indeed a gift. The comment came after Al-Jubeir met with Malaysian Prime Minister Najib Razak. However, Al-Jubeir did not explain why the Saudi royal family gave Najib such a large sum, according to AP.

"This is a genuine gift that is not expected in return. We also know that the Malaysian attorney general has thoroughly investigated the matter and found no wrongdoing," Al-Jubeir said. "Therefore, in our opinion, the matter should be closed here."

The Malaysian Foreign Ministry released a video of Mr. Al-Jubeir's remarks today. The Malaysian Prime Minister's Office said the remarks from the Saudi Arabian Foreign Minister had helped "vindicate" Mr. Najib, who has faced pressure to resign for months over allegations that he illegally withdrew money from a state investment fund.1Malaysia Development Berhad (1MDB).

In January, after being cleared of corruption suspicions, Prime Minister Najib also said that $681 million in his account was a gift from the Saudi Arabian royal family and that he had returned almost all of the money.

1MDB, founded by Mr. Najib in 2009 to develop new industries, now has a total debt of more than 11 billion USD after failed energy projects abroad.

According to VNE