Malaysia premier accused of looting state fund

KUALA LUMPUR – Malaysia has been gripped for more than a year by allegations that billions of dollars were looted from state investment fund 1MDB in a bold campaign of fraud and money laundering.

1Malaysia Development Berhad, or 1MDB, is a state investment fund Prime Minister Najib Razak launched in 2009 after assuming office.

The US Justice Department has now filed suit to recover more than $1-billion (R14.3-billion) in assets it says were illegally purchased using 1MDB funds.

The fund has been closely overseen by Najib, who serves concurrently as finance minister.

In July 2015 the Wall Street Journal published documents showing Najib himself received at least $681-million in payments from the fund.