The Story of Malaysia’s 1MDB, the Scandal That Shook the World of Finance - Bloomberg:
Malaysia’s state-owned investment fund, 1MDB, was supposed to attract foreign investment. Instead, it has spurred criminal and regulatory investigations around the world that have cast an unflattering spotlight on financial deal-making, election spending and political patronage under former Prime Minister Najib Razak. A Malaysian parliamentary committee identified at least $4.2 billion in irregular transactions related to 1MDB. Najib was ousted from power in a May general election as the scandal fueled a voter backlash that ended his party’s 61 years of rule. On July 4, Malaysian authorities charged Najib with criminal breach of trust involving 1MDB-related monies.
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