Malaysia’s commercial crime investigations chief Amar Singh (center) and other police officers show pictures of jewelry during a press conference in Kuala Lumpur, Malaysia on June 27, 2018. AP
KUALA LUMPUR, Malaysia — Former Malaysian Prime Minister Najib Razak says a huge haul of jewelry and valuables seized by police from properties linked to him as part of a money-laundering probe were mostly gifts and the police valuation was likely grossly inflated.
Police on Wednesday estimated the total value of cash, jewelry, watches and handbags to at least $273 million, calling last month’s seizure the biggest in Malaysia’s history.
Police say the items comprise 12,000 pieces of jewelry, 567 handbags, 423 watches and 234 sunglasses. The jewelry includes 2,200 rings, 1,400 necklaces, 2,100 bracelets, 2,800 pair of earrings, 1,600 brooches and 14 tiaras.
Najib said Thursday the estimate based on current prices was unrealistic and inflated as the items were gifts given over decades.