What is Malaysia’s 1MDB scan­dal?

The Myanmar Times - - International Business -

1Malaysia De­vel­op­ment Ber­had (1MDB)

Sov­er­eign wealth fund

Fo­cuses on in­vest­ments in strate­gic de­vel­op­ment projects

Owned by the fi­nance min­istry, headed by Prime Min­is­ter Na­jib Razak

Key al­le­ga­tions

$700 mil­lion miss­ing from a joint ven­ture with a Saudi en­ergy com­pany in 2009

Abu Dhabi sov­er­eign wealth fund ac­cused 1MDB of fail­ure to pay back a $1 bil­lion loan

$4 bil­lion sus­pi­cious pay­ments to a now-dis­solved Bri­tish Vir­gin Is­lands com­pany, ac­cord­ing to a Malaysian parliamentary re­port this year

US Jus­tice Depart­ment in July moved to seize more than $1 bil­lion in as­sets bought with money be­lieved to have been si­phoned from 1MDB

Prime min­is­ter im­pli­cated

2015 re­port in the Wall Street Jour­nal said Na­jib had re­ceived $681 mil­lion in 2013, which has been linked to 1MDB ac­counts in fur­ther re­ports

After ini­tial de­nial, gov­ern­ment said the money had been a “per­sonal do­na­tion” from the Saudi royal fam­ily

Newspapers in English

Newspapers from Myanmar

© PressReader. All rights reserved.