Malaysia drops 1MDB-related money laundering charges against ex-PM Najib, report says
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BBC News
2 hours ago
- BBC News
Why court freeze four bank accounts wey link to former NNPCL oga Mele Kyari
Di Federal High Court Abuja, Nigeria capital give order to freeze four Jaiz Bank accounts wey dey linked to di former Group Managing Director (GMD) of di Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, on top allegations of fraud and money laundering. Justice Emeka Nwite grant di order on Tuesday, 19 August afta one lawyer to di Economic and Financial Crimes Commission (EFCC), Ogechi Ujam, move ex parte application, and ask di court to freeze di accounts pending wen di commission go conclude dia investigation. "I don hear from di counsel for di applicant and don go through di affidavit evidence wit di exhibits and address wey dem attach. I see say dis application dey worthy and I don grant dia request," di judge rule. Justice Nwite later adjourn di case till 23 September for report di investigation. Wetin we know about di case On 11 August, di Nigeria corruption police bin file di ex parte motion wey dey marked FHC/ABJ/CS/1641/2025, dem say Oga Kyari allegedly dey control di banks accounts and e dey linked to offences wey border on conspiracy, abuse of office and money laundering. EFCC say make di court give order to freeze di bank accounts bicos na di former NNPCL allegedly get am and dem "currently dey investigate di case wey involve di offences of conspiracy, abuse of office and money laundering pending di conclusion of di investigation." Di affected accounts include Jaiz Bank account number 0017922724 – Mele Kyari; Jaiz Bank account number 0018575055 – Guwori Community Development Foundation and Jaiz Bank account number 0018575141 – Guwori Community Development Foundation (Flood Relief). According to di Efcc, preliminary findings show say di ova 600 million naira ((430,000), wey dem suspect to be proceeds of unlawful activities, dey inside di four accounts. For one supporting affidavit, EFCC investigator Amin Abdullahi say di commission bin act on one petition wey di Guardians of Democracy and Rule of Law file on 24 April. Di investigator say im be member of di team wey dey assigned to investigate di petition. "Upon receipt of di petition wey dey for Paragraph 4 above, my team bin carry out several investigation activities wey include seeking and obtaining bank records from commercial Banks," e tok. E tell di court say preliminary investigations discover say two of di bank accounts carry di name of Mele Kyari, while di oda two get di name of one non-governmental organisation, Guwori Community Development Foundation Flood Relief. Di anti-corruption body argue say di bank accounts don become subject matters of investigation by di commission sake of misappropriation of funds and criminal breach of trust. Efcc also tok say di preliminary investigation wey dem don carry out so far show say di bank accounts dey linked to Oga Kyari, and e dey use receive suspicious inflows from NNPC and various oil companies wey get dealings wit NNPC. "Dat bank records further reveal say na Oga Kyari through im family members wey dey act as fronts dey control these accounts," e tok. Abdullahi say dem trace di N661,464,601.50 inside di bank accounts to Oga Kyari. "We trace these funds to Mele Kolo Kyari, wey be di former Group Managing Director (GMD) of Nigerian National Petroleum Corporation (NNPC). "Further investigation show say dem disguise di transactions for di various accounts as payments for a purported book launch and activities of a non-governmental organisation (NGO)", e add. I ready to account for my stewardship - Kyari Oga Mele Kyari wey serve as di Group Chief executive officer (GCEO) of di Nigerian National Petroleum company limited (NNPC Limited) from 2019 to wen President Bola Tinubu dissolve di board and management for April 2025, don previously deny reports say im get hand for magomago activities for di company. E bin deny say EFCC arrest am on top alleged misappropriation of one $2.9 billion, money wey dem wan take fix refinery. For one statement e post on im X account for May, di 60-year old bin describe di reports as "clear mischief" wey di purpose na to spoil im reputation. E say im dey on "well-deserved rest" afta more dan three decades of service for di kontri oil company. E say im ready to account for im stewardship: "I must emphasize say I serve wit di fear of God knowing fully well as a Muslim say If I no account bifor man I go account bifor Allah, Therefore, having served in public capacity, I dey willing and happy to account for my stewardship for dis world". Oga Kyari post for May. Oga Kyari case na part of one big investigation EFCC dey torchlight into di management of refinery rehabilitation funds. Di investigation cover at least 14 current and former NNPCL officials, including two other ex-CEOs, Premium Times report. Di commission don request emolument data of di officials, and according to reports, dem don trace ova 80 billion naira ($52million) go di personal accounts of one former refinery managing director. Tok-tok pesin for EFCC Dele Oyewale wey confam di ongoing investigation to tori pipo, to say e involve di "funds released for di rehabilitation of di Kaduna, Warri and Port Harcourt refineries." President Tinubu don since appoint Bashir Ojulari as NNPCL Group CEO and Ahmadu Kida as non-executive chairman, and e say make dem restore investor confidence and drive operational efficiency.
Reuters
4 hours ago
- Reuters
ING Belgium investigated as part of probe into ex-EU commissioner Reynders
BRUSSELS, Aug 20 (Reuters) - ING Belgium ( opens new tab is under investigation as part of an ongoing probe into alleged money laundering by former European Union commissioner Didier Reynders - who denies the charge. "The public prosecutor's office confirms an investigation has been opened. No further comments will be made," said a spokesperson for the Belgian prosecutor's department on Wednesday, confirming an earlier report in Le Soir newspaper. The investigation will examine ING Belgium's role in holding one of Reynders' bank accounts, which had large sums of liquid cash going in over 2008-2018, reported Le Soir. Asked to comment on the case in question, ING replied that "due to privacy and legal obligations, we are not able to provide details relating to this matter". "ING is strongly committed to fighting financial crime and invests significantly to detect money laundering practices - this is a top priority for the bank," added ING. "We also work closely and cooperatively with many external stakeholders across a range of banking matters - including financial crime - and are actively doing our part to help ensure the integrity of the financial system," ING also said. Reynders, a Belgian national, served as Belgium's finance minister and later on as its foreign minister. He was also the EU Commissioner for Justice from 2019-2024. He has denied the charge via his lawyer Andre Renette. Renette did not have any further comments to make on the matter, when contacted on Wednesday.
Reuters
4 hours ago
- Reuters
Indonesia's central bank surprises with rate cut, raises GDP outlook
JAKARTA, Aug 20 (Reuters) - Indonesia's central bank cut interest rates again in a surprise move on Wednesday and flagged it could cut some more, as it stepped up support for Southeast Asia's largest economy against the backdrop of global uncertainties. Bank Indonesia (BI) trimmed the benchmark 7-day reverse repurchase rate (IDCBRR=ECI), opens new tab by 25 basis points to 5.00%, its fifth rate cut since September, taking it to its lowest level since late 2022. Only five of 29 economists polled by Reuters had expected a cut. The rest expected rates to be kept steady. Governor Perry Warjiyo told a press conference that the decision was in line with expectations of low inflation and a stable rupiah, as well as the need to bolster economic activity. GDP growth is expected to accelerate to around 5.1% or higher in 2025, above the midpoint of BI's official outlook range of 4.6% to 5.4%, Warjiyo said, and compared with 5.03% in 2024. "The capacity of the economy is still larger than the demand. That is why we have lowered interest rates ... and we will continue to assess room for further rate cuts," the governor said. Warjiyo was upbeat about growth prospects in the second half, citing the impact of BI's monetary easing and the acceleration of government spending. Wednesday's rate cut was BI's fifth since last September, with a total reduction of 125 basis points. It was the first time during the easing cycle that it has made cuts at consecutive meetings. The decision followed data earlier this month showing that economic growth accelerated to 5.12% in the second quarter, the fastest annual pace in two years, driven by robust investment and household spending. Some economists questioned the strength of that data, pointing to indicators showing weakening domestic demand, while others have taken note of looming headwinds to growth caused by U.S. tariffs. "First-half growth may have come in stronger than expected, but the second half holds challenges given higher U.S. tariffs and still-fragile consumer confidence," said Maybank economist Brian Lee. Indonesia's exports to the United States have been subject to a 19% tariff since August 7, the same level as Thailand, Malaysia, the Philippines and Cambodia. In a sign of demand remaining soft in the current quarter, July loan growth slowed to 7.03%, the lowest since March 2022. BI blamed this on banks preferring to park excess liquidity in securities instead of lending and reducing their lending rates at a slower pace. "Bank Indonesia is clearly keen to support economic growth and, so long as inflation remains contained and the rupiah holds up well, there is probably scope for a bit more monetary easing over the coming months," Jason Tuvey, Capital Economics' analyst wrote in a note, predicting further cuts taking the benchmark to 4.50% by year-end. Maybank's Lee forecast cuts of 50 bps more this year and another 50 bps next year to bolster growth, noting the government's 5.4% growth target for 2026, which President Prabowo Subianto unveiled last week. Prabowo proposed to parliament a $234 billion budget for 2026, a 7.3% increase from this year's budget outlook, with a large increase in spending for defence and his flagship food and nutrition programmes.
