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Malaysian 1MDB scandal: What you need to know about corruption probe rocking global finance

Posted on 18 February 2016

What does 1MDB stand for and when was it set up? It stands for 1 Malaysia Development Berhad. “Berhad” is a Malay word meaning “private” and is used to describe a limited company in Malaysia.
It was created as a sovereign wealth fund in 2009, not long after Nijib Razak became Malaysia’s prime minister. The government said it was set up to promote economic development, to promote foreign direct investment and to turn Kuala Lumpur into a global financial hub………………………………………..Full Article: Source


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