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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, People

Kuala Lumpur rally calls for arrest of 1MDB’s ‘Malaysian Official 1′

Posted on 29 August 2016

As many as 1,000 protesters marched in Malaysia’s capital on Saturday to protest the scandal surrounding 1MDB, the country’s troubled sovereign wealth fund. The protesters called for the arrest of “Malaysian Official 1,” an unnamed official who appeared repeatedly in a U.S. Department of Justice (DOJ) lawsuit in July in relation to a series of alleged thefts from the fund, which was set up by Prime Minister Najib Razak in 2009 to invest in strategically important assets.
The civil lawsuit alleged that more than $3.5 billion was looted from 1Malaysia Development Berhad (1MDB) and laundered through various shell companies by officials and others connected with the wealth fund………………………………………..Full Article: Source


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