The fund, 1Malaysia Development Berhad (1MDB), was set up by Najib when he came into office in 2009 ostensibly to promote Malaysia's economic development, but allegations soon surfaced that money was missing. Almost $700 million ended up in Najib’s personal bank accounts, although the attorney-general said it was a donation from the Saudi royal family and cleared the then-premier of misconduct. Charles Santiago, an MP from the Democratic Action Party, part of the new ruling alliance, said that Najib was still the head of the long-ruling Barisan Nasional (BN) coalition and would want to hold the fort for at leat a while. “As the President of UMNO and the Chairman of Barisan Nasional, I made the decision that I am stepping down as President and Chairman with immediate effect,” he said at the UMNO headquarter in Kuala Lumpur.
Former Malaysian Prime Minister Najib Razak is banned from leaving the country due to the ongoing investigation into the 1Malaysia Development Berhad scandal. He subsequently resigns as president of UMNO and as head of the BN coalition.