| This week, with Malaysia's parliament back in session, the opposition is renewing its efforts to oust Prime Minister Najib Razak through a no-confidence vote. The effort follows the prime minister's involvement earlier this year in a scandal surrounding the heavily indebted 1Malaysia Development Berhad (1MDB) sovereign wealth fund. Among other points of controversy, Najib is struggling to explain the source of nearly $700 million deposited to his personal account.
Even without the political crisis, Malaysia is already facing economic headwinds because of low commodity prices and a looming interest rate hike by the U.S. Federal Reserve. But the scandal may be worsening the situation. Malaysia's once globally esteemed financial institutions are now in question, and 1MDB is involved in nearly every part of the Malaysian economy, including energy, agriculture, tourism and real estate...............................................Full Article: Source
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