1Malaysia Development Berhad
| Formerly | Terengganu Investment Authority |
|---|---|
| Company type | State-owned enterprise |
| Industry | Strategic development |
| Founded | 25 June 2009 |
| Headquarters | Menara IMC, No 8 Jalan Sultan Ismail, Kuala Lumpur, Malaysia |
Key people | Asri Hamidon (Chairman), Jho Low (Consultant) |
| Revenue | Non-disclosed |
| Owner | Minister of Finance (Incorporated) |
| Website | www.1mdb.com.my |
1Malaysia Development Berhad (1MDB) is a Malaysian government company. It is fully owned by the Minister of Finance (Incorporated).
In 2015, 1MDB became the center of a big international corruption scandal. Evidence showed money laundering, fraud, and theft. The United States Department of Justice (DOJ) said that at least US$3.5 billion was stolen from 1MDB.[1] Later, in 2020, the figure was raised to US$4.5 billion, and Malaysia reported that 1MDB owed US$7.8 billion.[2]
The scandal involved Prime Minister Najib Razak, which helped cause his party to lose the 2018 election.[3] Najib was later put on trial[4] and sent to prison.[5]
By August 2021, the DOJ had returned US$1.2 billion of the stolen money from the U.S. back to Malaysia.[6] Other countries also sent back smaller amounts of stolen money.[7]
References
- ↑ Ramesh, Randeep (2016-07-28). "1MDB: The inside story of the world's biggest financial scandal". The Guardian. ISSN 0261-3077.
- ↑ "Malaysia's 1MDB state fund still $7.8 billion in debt - government report". Reuters. 2020-11-06.
- ↑ Westbrook, Tom; Ananthalakshmi, A. (2018-05-15). "The week that Malaysian leader Najib's world fell apart". Reuters.
- ↑ "Najib 1MDB trial: Malaysia ex-PM faces court in global financial scandal". BBC News. 2019-04-03.
- ↑ "Malaysia ex-PM Najib begins 12-year jail sentence after failing to overturn 1MDB conviction". The Straits Times. 2022-08-23. ISSN 0585-3923.
- ↑ "Over $1.6 billion in misappropriated 1MDB funds repatriated to Malaysia so far". The Straits Times. 2021-08-06. ISSN 0585-3923.
- ↑ "Singapore to return $11 million in 1MDB-linked funds to Malaysia". Reuters. 2018-09-10.