Can Najib really not afford the RM50 million?

KUALA LUMPUR: A statement by Datuk Seri Najib Tun Razak's lawyer that the former prime minister cannot afford the RM50 million fine he must pay before serving the rest of his sentence under house arrest has raised a sharper question: is Najib actually out of money, or is his wealth simply beyond his reach while his assets remain frozen?

His lead counsel, Tan Sri Muhammad Shafee Abdullah, told reporters at the Kuala Lumpur Court Complex today that Najib could not make the payment because his bank accounts remained frozen, including an Affin Bank account that received his salary as prime minister and MP.

Five days earlier, the law firm Shafee & Co said in a statement quoted by Bernama on Sept 20 that a substantial portion of Najib's assets, bank accounts and property remained subject to government freezing orders, and that their disposal was not entirely within his control.

A frozen account, however, is not the same as an empty one. An asset may still exist while its owner is legally barred from moving, selling or converting it into cash without permission or the resolution of the relevant legal process.

RM4.49 million in assets in 2022

Najib's past court filings provide some context, though they offer no current picture of his finances.

According to Bernama and Malaysiakini reports in August 2022, Najib declared total assets of about RM4.49 million as of June 30, 2022, in an affidavit filed on July 20 that year.

The disclosure included about RM2.53 million held with Amanah Saham Nasional Berhad (ASNB), more than RM1.24 million in an Affin Bank current account, land and property in Pahang and Selangor valued at about RM460,987, and several vehicles valued collectively at RM252,000.

The declaration followed a Mareva injunction obtained by SRC International Sdn Bhd and Gandingan Mentari Sdn Bhd, which barred Najib from transferring, disposing of or diminishing the value of assets worth up to RM42 million while the related civil suit was pending. According to Bernama, he was allowed to withdraw up to RM100,000 a month for living expenses and legal fees.

The RM42 million figure, however, is not evidence that Najib owned assets of that value. It was the ceiling covered by the injunction. The assets Najib declared in 2022 were, in fact, worth far less.

The RM114 million from Pavilion

Another figure often linked to Najib's finances is the roughly RM114.16 million in cash seized by police from Pavilion Residences in May 2018.

The cash later became the subject of a forfeiture suit. In 2021, the High Court dismissed the government's forfeiture suit after finding that the prosecution had failed to prove the money was obtained through illegal activities or originated from 1MDB.

According to a report by The Vibes in June 2021, the prosecution decided not to appeal, and the cash, together with jewellery, watches and handbags seized alongside it, was returned to Najib through a representative.

Najib and UMNO had earlier claimed the money as third parties, arguing that it was political funds belonging to the party and not Najib's personal assets.

That distinction matters. The fact that the RM114 million was once in Najib's possession does not, by itself, establish that it was his personal wealth.

Likewise, the RM4.49 million declaration from 2022 does not necessarily reflect Najib's financial position in September 2026. It was a snapshot taken more than four years ago.

What is known, and what is not

The publicly available record allows two points to be separated.

First, the defence says Najib has no free access to a large part of his accounts and assets because they remain frozen or subject to enforcement action.

Second, no up-to-date statement has been made public that shows the full value of Najib's current assets, cash and liabilities.

The claim that Najib cannot afford the RM50 million is therefore the position put forward by his lawyer, based on the account of his frozen accounts and assets. The public record alone is not enough to conclude that Najib has no assets of value.

The unanswered questions are how much Najib personally owns today, how much remains frozen, and how much can lawfully be converted into cash to settle the RM50 million fine.

Until that information is available, the difference between having no money and having no access to money remains central to weighing the claim.