Malaysian PM vows he will not resign over financial scandal

AP News
Posted: Dec 09, 2015 11:29 PM

KUALA LUMPUR, Malaysia (AP) — Embattled Malaysian Prime Minister Najib Razak has vowed he will not retreat nor surrender amid pressure for him to resign over a $700 million financial scandal.

Najib has been under pressure since July after leaked documents showed he received $700 million in his private accounts from entities linked to indebted state investment fund 1MDB. The 1MDB crisis has been partly blamed for a sharp plunge in the Malaysian ringgit.

Opening an annual assembly of his ruling Malay party, Najib reiterated Thursday that the money in his account was a political donation. He said 1MDB's debts of at least 42 billion ringgit ($9.8 billion) were being resolved with the recent sale of its power assets.

Najib told the assembly that there shall be "no retreat, no surrender."