Datuk Seri Najib Razak has failed in his bid to stay a bankruptcy notice after the High Court upheld the Inland Revenue Board's (IRB) action against the former prime minister for an unpaid additional assessment of close to RM1.7 billion, TheEdgeMalaysia.com reported. Similarly, his son Datuk Nazifuddin Najib has also failed to obtain a stay over a bankruptcy notice issued against him for not paying RM37 million. With this, the IRB can continue with initiating bankruptcy proceedings against the duo.
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Malaysia’s central bank left its benchmark interest rate unchanged as expected, with tariff-related uncertainties looming, the Wall Street Journal reported. Bank Negara Malaysia on Thursday kept the overnight policy rate at 2.75% after July’s first cut in five years. The central bank “considers the monetary policy stance to be appropriate and supportive of the economy amid price stability,” it said in a statement. Malaysia’s economy grew 4.4% in the first half of 2025 and remains on track to meet the central bank’s full-year growth target of between 4% and 4.8%, it said.
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The Cross-Border Insolvency Bill 2025 will not undermine national sovereignty, says law and institutional reform minister Azalina Othman Said in addressing concerns from several MPs over possible interference by foreign courts, FreeMalaysiaToday.com reported. She told the Dewan Rakyat that any form of international cooperation would be subject to Malaysian law.
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Malaysia’s central bank has finally joined its rate-cutting peers, lowering its benchmark interest rate for the first time in five years to support the economy, the Wall Street Journal reported. Bank Negara Malaysia on Wednesday reduced its overnight policy rate by 25 basis points to 2.75%–its first cut since July 2020. While Malaysia’s economy remains on solid footing, the central bank said it decided to cut rates due to the economic threat posed by external uncertainties.
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Former Goldman Sachs banker Tim Leissner was sentenced to two years in prison by a judge in a New York court on Thursday after he pleaded guilty in 2018 for his involvement in a multi-billion dollar scandal involving Malaysia's sovereign fund 1MDB, Reuters reported. Leissner's conduct was "brazen and audacious," judge Margo Brodie said during sentencing. While his cooperation with the government was taken into account, it did not make up for the harm caused by the corruption at the highest levels in several countries, the judge said.
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