Malaysia Reopens 1MDB Case: A Return To Asia’s Biggest Corruption Scandal
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The attorney-general of Malaysia has announced that investigations into the 1MDB scandal will reopen. It was thought that the police had concluded its investigation which caused significant business disruption across South-East Asia, but we may see more revelations going forward.
1MDB is a multi-billion national investment board for Malaysia that is aimed on encourage economic development and business creation.
The country was convulsed by scandal in 2015 when reporters uncovered evidence of mass corruption. The reopening of the case may bring to the surface previous instances of fraud that were hitherto hidden or investigated.
In 2015, the Wall Street Journal alleged that some $700 million of 1MDB funding was directed to the personal accounts of the Malaysian prime minister Datuk Seri Najib Razak. Since then, Swiss prosecutors estimate that some $4 billion has been laundered through the Malaysian fund.
The scandal had a huge fall-out, which has affected the Malaysian establishment and businesses across the region, including financial institutions from supposedly squeaky clean Singapore.
A Swiss banker was prosecuted for money laundering in Singapore earlier this year. The case involved the laundering of up to $1.7 billion funds previously linked to the 1MDB fund. An Abu Dabi-based sovereign fund is claiming $600 million in refunds following the investigations. Further investigations from Hong Kong and UK authorities have added to the international clamour.
Malaysia’s own judicial response have been light. Prime Minister Najib Razak was cleared of any wrong-doing by a parliamentary commission in the 1MDB case in 2016.
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Source: Forbes
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