Ex-Malaysian PM charged with abuse of power
Kuala Lumpur, July 4 : Former Malaysian Prime Minister Najib Razak was charged on Wednesday in a court here for his alleged role in the 1MDB scandal, involving billions of dollars being embezzled from a government fund and fraudulently spent around the world.
He was charged with three counts of criminal breach of trust and one count of abuse of power in connection with funds from SRC International, a former subsidiary of state fund 1Malaysia Development Berhad (1MDB), reports Efe news.
The charges carry a maximum term of 20 years in prison. Najib, 64, was arrested on Tuesday at his residence in the capital, the 1MDB Task Force confirmed.
The former leader, who spent the night in prison, arrived to a media frenzy at the court early in the morning wearing a dark blue suit and a red and blue tie. His supporters were also waiting for him, holding placards reading "Respect civil rights #freenajib".
The arrest on Tuesday came following an investigation into how billions of dollars went missing from state fund 1MDB, which he founded.
The former leader has been accused of diverting around $681 million to his private accounts from 1MDB.
Najib has denied the allegations, saying the money was a donation from a Saudi prince, and he was cleared by Malaysian authorities while in power.
The case was reopened after Malaysia's change in government in May, and new Prime Minister Mahathir Mohamad banned his predecessor and wife Rosmah Mansor from leaving the country.
Najib and his wife have since testified before the anti-corruption commission. His stepson Riza Aziz also gave a statement at the commission on Tuesday.
Last week, Commercial Crime Investigation Department chief Amar Singh said cash and luxury items taken in May from six properties linked to Najib are worth up to 1.1 billion ringgit ($273 million), describing it as the biggest seizure in Malaysian history.
Six other countries, including the US, Switzerland and Singapore, have opened judicial investigations into the 1MDB scandal.
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India proposes preferential trade agreement with Mexico to deal with high tariffs
New Delhi (PTI): India has proposed a preferential trade agreement (PTA) with Mexico to help domestic exporters deal with the steep tariffs announced by the South American country, a top government official said on Monday.
Mexico has decided to impose steep import tariffs - ranging from about 5 per cent to as high as 50 per cent on a wide range of goods (about 1,463 tariff lines) from countries that do not have free trade agreements with Mexico, including India, China, South Korea, Thailand and Indonesia.
Commerce Secretary Rajesh Agrawal said that India has engaged with the country on the issue.
"Technical level talks are on...The only fast way forward is to try to get a preferential trade agreement (PTA) because an FTA (free trade agreement) will take a lot of time. So we are trying to see what can be a good way forward," he told reporters here.
While in an FTA two trading partners either significantly reduce or eliminate import duties on maximum number of goods traded between them, in a PTA, duties are cut or removed on a limited number of products.
Trading partners of Mexico cannot file a compliant against the decision on imposing high tariffs as they are WTO (World Trade Organisation) compatible.
The duties are within their bound rates, he said, adding that their primary target was not India.
"We have proposed a PTA because its a WTO-compatible way forward... we can do a PTA and try to get concessions that are required for Indian supply chains and similarly offer them concessions where they have export interests in India," Agrawal said.
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Citing support for local production and correction of trade imbalances, Mexico has approved an increase in MFN (most favoured nation) import tariffs (5-50 per cent) with effect from January 1, 2026 on 1,455 tariff lines (or product categories) within the WTO framework, targeting non-FTA partners.
Preliminary estimates suggest that this affects India's around USD 2 billion exports to Mexico particularly -- automobile, two-wheelers, auto parts, textiles, iron and steel, plastics, leather and footwear.
The measure is also aimed at curbing Chinese imports.
India-Mexico merchandise trade totalled USD 8.74 billion in 2024, with exports USD 5.73 billion, imports USD 3.01 billion, and a trade surplus of USD 2.72 billion.
The government has been continuously and comprehensively assessing Mexico's tariff revisions since the issue emerged, engaging stakeholders, safeguarding the interests of Indian exporters, and pursuing constructive dialogue to ensure a stable trade environment benefiting businesses and consumers in both countries.
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Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai has said that Mexico's decision is a matter of concern, particularly for sectors like automobiles and auto components, machinery, electrical and electronics, organic chemicals, pharmaceuticals, textiles, and plastics.
"Such steep duties will erode our competitiveness and risk, disrupting supply chains that have taken years to develop," Sahai said, adding that this development also underlines the little urgency for India and Mexico to fast-track a comprehensive trade agreement.
Domestic auto component manufacturers will face enhanced cost pressures with Mexico hiking duties on Indian imports, according to industry body ACMA.
