| It's the scandal that enraptured Malaysia and attracted the attention of the FBI and celebrity obsessives alike. Malaysian prime minister Najib Razak is accused of syphoning almost $700m (£483m) from state-owned investment fund 1Malaysia Development Bhd (1MDB).
The government probed if the leader used the company to turn capital city Kuala Lumpur into one of the world's financial hubs as his personal slush fund. The company was formed in 2009 – when the economy was booming. Razak denied the claim after the fund caught the attention of authorities when 1MDB amassed eye-watering debts of a reported $11bn. It then missed payments worth to creditors billions of dollars...............................................Full Article: Source
|