Comment: ANZ drawn deep into Malaysian mess

AmBank, ANZ's 24 per cent-owned associate in Malaysia, is finding itself entangled in a decidedly colourful affair, as allegations of corruption against the country's prime minister re-emerge.

To recap from Tuesday: the Wall Street Journal at the weekend reported Malaysia's attorney general as saying an investigation into a state investment fund, 1Malaysia Development, had uncovered documents related to allegations that 2.6 billion ringgit (up to US$700 million) was transferred into the personal bank accounts of Prime Minister Najib Razak.

At least one of those accounts is allegedly with the AmBank brand of AMMB, Malaysia's fifth largest bank.

The investigations into the debt-ridden 1Malaysia Development Berhad relate to a joint venture with PetroSaud.

While opposition politicians in Malaysia are yet to secure the political scalp of Razak, the wheels of justice seem likely to fully explore the banking aspects of this affair.

Adding even more intrigue is the still unsolved murder, in 2013, of Ambank founder Hussein Ahmad Najadi.

Hussain was shot dead in broad daylight in the centre of Kuala Lumpur, on July 29, 2013, four months after the first alleged transactions involving Najib's bank accounts and, according to one local media outlet, only one day after he presented allegations of corruption at the bank to Malaysian police.