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Home / News / Business News / Malaysian minister names PM Razak as key figure in 1MDB
  • Business

    Malaysian minister names PM Razak as key figure in 1MDB

    Written by
    Supriya
    Edited by
    Akriti Asthana
    Last updated on Sep 03, 2016, 03:04 pm
    Malaysian minister names PM Razak as key figure in 1MDB
  • Malaysian Cabinet Minister Abdul Rahman Dahlan has alleged that the "Malaysian Official 1" linked by the US to the 1MDB corruption scandal is Prime Minister Najib Razak.

    However, he insisted Najib was not a target of the US lawsuit launched to seize more than $3.5 billion in ill-gotten assets.

    His comments are expected to add fuel to repeated calls for Najib to step down.

  • In this article
    What's the 1MDB scandal about? Drowning in controversy Malaysian Prime Minister in the dock End for PM Najib Razak? 1MDB: Massive $3.5 billion Malaysian fraud International investigations Malaysian minister names PM Razak as key figure in 1MDB
  • 2009

    What's the 1MDB scandal about?

    What's the 1MDB scandal about?
    Credits:
  • The '1 Malaysia Development Berhad' (1MDB) Fund was set up in 2009.

    Wholly owned by the Malaysian Government, its corpus was to be invested in the power, infrastructure and energy sector and to turn Kuala Lumpur into a financial hub.

    Set up by Malaysian Prime Minister Najib Razak; allegations of impropriety and huge debts began to do the rounds within a few years.

  • 2012

    Drowning in controversy

    Drowning in controversy
    Credits:
  • In less than five years, the Government backed debt-fund was in the news for all the wrong reasons: accumulating a $11 billion debt and paying a premium to acquire energy assets.

    1MDB attracted immense criticism for overpaying Goldman Sachs Group to manage its bond sales.

    Multiple individuals including several high ranking Government officials have been accused of siphoning off millions from the 1MDB fund.

  • 2015: Turning point

    Malaysian Prime Minister in the dock

    Malaysian Prime Minister in the dock
    Credits:
  • The Malaysian Central Bank initiated an inquiry into 1MDB in 2015.

    In July'15, $700 million sourced from 1MDB was found in Najib Razak's account.

    PM Razak vehemently denied any involvement and the Auditor general found no evidence of 1MDB's wrongdoing nor PM Razak's involvement.

    In August, the anti-corruption commission gave PM Razak a clean chit too, leading to several protests across the country.

  • Information

    End for PM Najib Razak?

  • Despite there being a spate of negativity concerning PM Najib Razak and the 1MDB scandal, Malaysia is a parliamentary democracy and the PM is safe from expulsion unless there is a no-confidence vote against him or he is charged by the authorities for corruption.

  • 22 Jul 2016

    1MDB: Massive $3.5 billion Malaysian fraud

    1MDB: Massive $3.5 billion Malaysian fraud
    Credits:
  • Investigations into the Malaysian Government debt fund have spread over several countries.

    Prosecutors in the U.S. unearthed an elaborate scheme of money laundering; 1MDB funds went through U.S. banks and were ultimately utilized to illegally acquire assets in the U.S.

    The U.S. Justice Department has moved to seize 1MDB related assets worth $1 billion; the largest ever by their anti-corruption unit.

  • Information

    International investigations

  • Multiple international investigations are underway. Prosecutors in four countries: Singapore, Switzerland, Luxembourg and the U.S. are vetting money trails from the Malaysian Government backed debt-fund.

  • 03 Sep 2016

    Malaysian minister names PM Razak as key figure in 1MDB

    Malaysian minister names PM Razak as key figure in 1MDB
  • Malaysian Cabinet Minister Abdul Rahman Dahlan has alleged that the "Malaysian Official 1" linked by the US to the 1MDB corruption scandal is Prime Minister Najib Razak.

    However, he insisted Najib was not a target of the US lawsuit launched to seize more than $3.5 billion in ill-gotten assets.

    His comments are expected to add fuel to repeated calls for Najib to step down.

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