Daniel Halliday
May 15 · Last update 12 days ago.
What happened in the Malaysian 1MDB corruption case?
The 1Malaysia Development Berhad development company was a government run fund to drive strategic initiatives to act as a long-term boost to the Malaysian economy, by driving direct foreign investment. However suspicion surrounding the company’s transactions finally led to numerous investigations internationally, with former President Najib Razak and many individuals linked to him largely implicated in money laundering, criminal breach of trust and abuse of power. What are the implications and significance of this scandal and what can be done regarding the fallout from it?
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One of the biggest corruption scandals in history
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One of the biggest corruption scandals in history

Najib Razak was arrested in 2018 by the Malaysian Anti-Corruption Commission over a suspicious transaction of over $10 million in his personal bank account from 1MDB sovereign fund. Thanks to whistle-blower Xavier Justo a fuller picture of this scandal came to public attention. Justo, a former employee of PetroSaudi released documents that showed the company was part of a money laundering web of companies that helped associates of Najib in siphoning off over $700 million from the 1MDB fund, the fund itself with a debt of $11.73 billion by this time. Such large sums of money are unprecedented even for a country with a history of corruption like Malaysia, causing many journalists to refer to this as the biggest heist in history.

theguardian.com/world/2016/jul/28/1mdb-inside-story-worlds-biggest-financial-scandal-malaysia

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