How Malaysia’s 1MDB Scandal Shook the Financial World: QuickTake

Sept. 4, 2020, 3:54 AM

Malaysia’s state-owned investment fund, 1MDB, was supposed to promote development. Instead, it has spurred investigations around the world into deal-making, election spending and political patronage under former Prime Minister Najib Razak. The figures are mind-boggling: Of the $8 billion that 1MDB raised via bond sales, the U.S. alleges more than half was siphoned off. Angry voters ousted Najib in a 2018 election that ended his party’s 61 years of rule, and two years later he was convicted in the first of a series of trials. U.S. prosecutors have implicated at least three senior bankers from Goldman Sachs Group Inc. ...

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