
Najib denies link to Scorpene submarine bribery scandal
In a statement issued by his legal representatives, Messrs Shafee & Co, the former prime minister firmly rejected allegations that any funds connected to the deal were intended for him, or that he had received any unlawful payments.
"The funds allegedly 'designed to remunerate Malaysian public decision-makers' are in no way linked to our client, Najib," the statement read, adding that the article itself noted "no evidence shows he received any of those payments."
The legal team said that French prosecutors had not recommended Najib be charged or indicted, and that the Bloomberg report did not raise any issue of criminal liability against him.
"Any insinuation to the contrary is entirely unfounded and lacks factual basis," the firm said.
Bloomberg previously reported that French financial prosecutors alleged Najib had attended meetings with executives from defence firms to facilitate contracts related to the 2002 Scorpène submarine acquisition.
It was claimed the contracts were designed to financially benefit key Malaysian figures, including Najib's then-adviser, Abdul Razak Baginda.
A classified document cited in the report purportedly suggested that the contracts were structured to reward Najib and several others financially. These allegations stem from a wider investigation involving French defence companies Thales SA and DCN International — now part of the Naval Group, based in Paris.
Najib's lawyers also dismissed claims that his alleged influence obstructed French investigators from accessing Malaysian documents, describing such assertions as speculative and illogical.
They said that since 2018, Malaysia had experienced three separate administrations, all of which were politically opposed to Najib.
"Throughout this period, the Malaysian Anti-Corruption Commission and various parliamentary committees have had full access to the Defence Ministry records and other official sources.
"No document has ever been produced to implicate Najib — because none exists," the statement said.
Addressing references to Najib's involvement in negotiations during the procurement process, the legal team said such engagement fell squarely within his duties as then defence minister.
"To recast a ministerial role as evidence of wrongdoing — without proof of personal enrichment or unlawful conduct — is not only baseless, but a mischievous attempt to mislead public opinion."
The firm said that the Bloomberg report presented no legal implications for Najib and amounts to a "non-issue" in terms of his legal standing.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Malaysiakini
an hour ago
- Malaysiakini
Viral photo of upside-down Jalur Gemilang at police HQ from 2016: Cops
Seremban police have clarified that a viral image showing the Malaysian flag being flown upside-down at the district police headquarters is not a recent incident. District police chief Hatta Che Din said the image, which resurfaced on Facebook yesterday morning, was originally taken in 2016 during the Police Day celebration.


The Star
3 hours ago
- The Star
DRB-Hicom plans to acquire Spirit Malaysia
PETALING JAYA: DRB-Hicom Bhd plans to acquire the Malaysian operations of aerospace manufacturer Spirit AeroSystems – the world's largest standalone aerostructures company with an enterprise value of US$95.2mil. In a statement, the conglomerate said its wholly-owned subsidiary, Composites Technology Research Malaysia Sdn Bhd (CTRM) had entered into a conditional share purchase agreement with Spirit AeroSystems Inc and Spirit AeroSystems International Holdings, Inc. The acquisition is expected to be completed by year-end, making Spirit AeroSystems Malaysia Sdn Bhd (Spirit Malaysia) a wholly-owned subsidiary of CTRM. The purchase consideration is set to be fully satisfied in cash, which is expected to be funded through bank borrowings. Based on the latest audited consolidated financial statements for financial year 2024, Spirit Malaysia posted a profit after tax of RM70.1mil and net assets of RM770.5mil. According to DRB-Hicom, the acquisition represents a strategic opportunity to further enhance CTRM's competitive position in the aerospace industry by enhancing its aerostructures expertise. 'This would contribute towards improved scale, efficiency, and growth in various areas that would elevate CTRM's presence in key aerospace programmes,' the company said. The conglomerate added that it would also deepen its relationships with global original equipment manufacturers, while expanding CTRM's relationships with Airbus for its A220, A320, and A350 programmes, and with Boeing on the 737 and 787 programmes. 'At the same time, CTRM will enhance its presence across the supply chain and be better positioned for long-term competitiveness and sustainable growth in an increasingly challenging and dynamic aerospace market,' DRB-Hicom said. CTRM is known for developing and producing aircraft composites components for aerospace and non aerospace applications as well as offering a range of support services such as testing laboratory facilities, composites engineering and supplier management services. Spirit Malaysia supplies key components and other assemblies for Airbus and Boeing marquee programmes, including A220, A320/A321, A350, B737 and B787. In addition to its aerospace composite and metallic assembly expertise, it also provides engineering services, supply chain management services and shared services. Spirit Malaysia is also a key customer of CTRM, contributing 54.1% towards the latter's consolidated revenue for the financial year ended Dec 31, 2024. The acquisition followed news of Boeing receiving regulatory approval from the UK's Competition and Markets Authority for its planned acquisition of Wichita-based Spirit AeroSystems. According to reports, this meant investigations will not continue on to 'phase two'. Initial investigation began in June 2025 and had a deadline for the end of this month. The deal is reportedly expected to be completed in the fourth quarter of this year. At market close yesterday, DRB-Hicom's share price was 82 sen.


The Star
3 hours ago
- The Star
Domestic markets face volatile fund flows
PETALING JAYA: Fund flows into local capital markets are expected to remain volatile as investors focus on looming US sectoral tariffs on Malaysia's pharmaceutical and semiconductor goods. United Overseas Bank (M) Bhd (UOB) expects capital flows into Malaysia and other emerging markets to remain volatile, with investors continuing to rotate their funds across sectors based on each country's resilience to US tariffs and shifts in trade policy. UOB said investor attention is now turning to sector-specific levies by the United States and a potential 10% surcharge on Brics member countries and their allies. 'Other key near-term issues include US-China trade negotiations, the US Federal Reserve's policy independence and its rate trajectory,' UOB said in a research note. UOB added that lingering tariff and trade uncertainties would continue to weigh on the ringgit till the end of the year before the currency regains strength from the first quarter of next year (1Q26). UOB projects the ringgit strengthening against the US dollar to RM4.19 in 2Q26 from RM4.20 in 1Q26 and RM4.23 in 4Q25 and RM4.27 in 3Q25. Analysts noted that July was the second consecutive month foreign investors continued to pare their holdings of Malaysian equities and debt. In its weekly fund-flow report, MBSB Research said foreign fund outflows from Bursa Malaysia in July had extended into August. In the week ended Aug 8, foreign investors extended their net selling of Malaysian equities to fifth consecutive week, registering a net outflow of RM1.14bil. This was three times higher than the previous week's outflow of RM378.1mil. Foreign investors were net sellers on every trading day, with outflows ranging from RM145.6mil to RM318.1mil. 'The largest outflow was recorded last Tuesday, followed by last Thursday with RM291mil, last Monday with RM205.7mil and last Wednesday with RM174.7mil, while last Friday recorded the smallest outflow. 'The only two sectors that recorded net foreign inflows last week were industrial products and services (RM62.7mil) and transportation and logistics (RM36.2mil). 'The top three sectors that recorded the highest net foreign outflows were financial services (RM344.3mil), healthcare (RM239.1mil) and utilities (RM210.2mil),' said MBSB Research. The selling pressure is also present in bonds. Maybank Investment Bank Research (Maybank IB) said moderate selling of ringgit bonds continued in July for a second consecutive month, driven in part by a rebound in the greenback. Outflows totalled RM5.5bil from June's RM5.4bil, although on a year-to-date basis, flows stayed positive at RM15.9bil from a peak of RM26.9bil in May. Maybank IB said foreign holdings of Malaysian Government Securities and Government Investment Issues eased to 21.1% in July from 21.8% in June, while across Asean the picture was mixed, with Indonesia attracting inflows and Thailand experiencing outflows.