International Media Report on Najib's 1MDB cases – brief and easy to understand
Malaysia’s ex-PM Najib is currently awaiting sentencing. AFP Picture In KUALA LUMPUR – Reuters reported yesterday, Malaysia’s High Court found former Malaysian prime minister Najib Razak guilty of abuse of power and money laundering on 26 December in the biggest trial yet in the multibillion-dollar 1MDB scandal. The following are details of the sprawling scandal and cases brought against him: What is 1MDB? Sovereign fund 1Malaysia Development Berhad (1MDB) was set up in 2009 with the help of Malaysian financier Jho Low to promote economic development. Najib, who was prime minister from 2009 to 2018, co-founded 1MDB and chaired its advisory board until 2016. How did billions go missing? The fund raised billions of dollars in bonds for use in investment projects and joint ventures between 2009 and 2013. Conducting its largest-ever kleptocracy investigation, the US Department of Justice (DoJ) said US$4.5 billion (S$5.7 billion) was diverted to offshore bank accounts and shell ...