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1MDB is a Malaysian state-owned company that became involved in a major corruption scandal in 2015. Learn about its history, investments, controversies, and recovery efforts from this Wikipedia article.
The 1MDB scandal is an ongoing global conspiracy involving the embezzlement of billions of dollars from the Malaysian sovereign wealth fund 1MDB by Najib Razak and his associates. The scandal triggered political turmoil, criminal investigations and asset recovery in Malaysia and other countries.
- July 2009
- September 2009
- March 2012
- May and October 2012
- March 2013
- December 2013
- July 2015
- January 2016
- July 2016
- June 2017
Then prime minister and finance minister Najib launches 1MDB, a “strategic development company driving new ideas and new sources of growth”. The fund is wholly owned by the government of Malaysia and Najib is chairman of its board of advisers.
1MDB signs a deal with PetroSaudi International to set up a joint venture company and invests $1bn cash for a 40 percent stake. PetroSaudi, backed by oil and gas assets said to be worth $1.5bn,takes 60 percent in the business.
Najib launches the Tun Razak Exchange, built by 1MDB as a new financial district for Kuala Lumpur. Najib tells invited guests the first phase of the development will bring in RM3.5b ($856.8m) in direct foreign investments.
US investment bank Goldman Sachs helps 1MDB sell bonds worth $3.5bn to raise money to buy power assets.
Goldman Sachs helps 1MDB raise a further $3bn in an additional bond sale, this time to cover “new strategic economic initiatives” between Malaysia and Abu Dhabi.
The “Wolf of Wall Street”, with Leonardo DiCaprio in the lead role, is released in the United States. The $100m film was produced by Red Granite Pictures, a newcomer co-founded by Najib’s stepson Riza Aziz. The end credits included a thank you to Jho Low, a young Malaysian financier.
The Wall Street Journal and Sarawak Report say nearly $700m suspected to have originated with 1MDB was deposited into Najib’s personal bank account. Najib sacks the attorney general who was leading the Malaysian investigation and reshuffles his cabinet, removing key critics, including deputy prime minister Muhyiddin Yassin. The ruling party politic...
The new attorney general clears Najib of any wrongdoing, saying the $681m was a donation from a prince in Saudi Arabia and $620m was returned.
The United States Department of Justice files a civil suit to seize assets it alleges were bought with funds stolen from 1MDB. The suit says $681m found its way into the personal account of ‘Malaysian Official 1’, later identified as Najib by both the US and a Malaysian minister.
The justice department announces it believes more than $4.5bn was siphoned from 1MDB by senior officials and their associates.
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Oct 22, 2020 · Probes of Goldman Sachs focused on its help raising $6.5bn in 2012 and 2013 for the fund formally known as 1Malaysia Development Bhd (1MDB), work authorities said earned the firm more than...
Jul 22, 2016 · Learn about the origins, controversies and probes of 1MDB, a state fund owned by the Malaysian Finance Ministry and led by Prime Minister Najib Razak. Find out how the US DoJ is trying to seize assets allegedly siphoned off by Najib's associates and cronies.
Feb 2, 2024 · Najib was jailed in 2022 over the embezzlement of Malaysia's state-owned wealth fund 1Malaysia Development Berhad (1MDB). The board also reduced the fine imposed on him to 50m ringgit (£8.3m;...
Jul 28, 2020 · The case centres around the 1 Malaysia Development Berhad (1MDB), a sovereign wealth fund set up in 2009, when Najib Razak was prime minister.
