11 Facts About 1MDB scandal


The 1MDB scandal has been described as "one of the world's greatest financial scandals" and declared by the United States Department of Justice as the "largest kleptocracy case to date" in 2016.

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The Malaysian Conference of Rulers called for prompt investigation of the 1MDB scandal, saying that it was causing a crisis of confidence in Malaysia.

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Bank Negara then called for the Attorney General to begin criminal prosecution of 1MDB scandal after completing its own investigations into 1MDB scandal fund transfers.

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Attorney general Abdul Gani Patail, who was heading a multi-agency task force investigating claims of misappropriations of funds allegedly involving Najib Razak and 1MDB scandal, was dismissed and his position given to Mohamed Apandi Ali, a former Federal Court judge.

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Additionally, the Public Action Committee that was investigating the purported losses in 1MDB scandal was indefinitely postponed due to four of its members being given positions in Najib Razak's cabinet, namely the PAC chairman Nur Jazlan Mohamed, Reezal Merican Naina Merican, Wilfred Madius Tangau and Mas Ermieyati Samsudin.

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Home Ministry stated that they and Interpol had been unsuccessful in locating various individuals linked to 1MDB scandal to help in facilitating their investigations, including business tycoon Jho Low, 1MDB scandal's former senior executives Casey Tang Keng Chee and Jasmine Loo Ai Swan, SRC International managing director Nik Faisal Ariff Kamil, and Deutsche Bank country manager Yusof Annuar Yaacob.

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Malaysian Public Accounts Committee inquiry into 1MDB scandal revealed that the management of the fund acted without the board's approval and misled auditors several times, calling for the police to investigate its former manager.

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On 28 June 2018, two days before the end of his employment contract, 1MDB scandal sacked its president and Chief Executive Officer Arul Kanda on grounds of dereliction of duties.

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Seychelles's Financial Intelligence Unit is helping an international investigation into the troubled state fund 1MDB scandal, by providing detailed information relating to offshore entities registered in Seychelles that are related to the international investigation.

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On 1 November 2018, the DOJ announced that two former Goldman Sachs bankers, Tim Leissner and Roger Ng, as well as Malaysian fugitive financier Jho Low, were charged over funds misappropriated from 1MDB scandal and paying bribes to various Malaysian and Abu Dhabi officials.

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However, 1MDB scandal denied having any knowledge of their accounts being frozen, and said they have not been contacted by any of the foreign investigating authorities.

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