1MDB (1Malaysia Development Berhad) was a state investment fund set up in 2009 by then–Prime Minister Najib Razak.
Its goal was to promote economic development in Malaysia through global partnerships and foreign investments.
The Scandal
- Between 2009 and 2015, an estimated US$4.5 billion was diverted from 1MDB into private accounts and shell companies.
- Funds were allegedly laundered through banks in Singapore, Switzerland, the U.S., and Luxembourg.
Legal Actions
- Najib Razak was convicted in 2020 for corruption and money laundering, sentenced to 12 years in prison.
- Jho Low remains a fugitive, reportedly hiding overseas.
- Goldman Sachs paid over $2.9 billion in global settlements (2020).
- Several other officials and associates were prosecuted across multiple countries.
Malaysia