Archive for March 19th, 2017

1MDB Dormant Amid Global Probe
16 March 2017

1MDB: The Year of Reckoning

As the international investigation into the billion-dollar graft scandal at 1MBD deepens, the Malaysian fund itself is remarkably calm. The country’s political opposition faces an uphill battle to change that.

1MDB, which is ultimately under the purview of Prime Minister Najib Razak, has been an island of calm amid a sprawling investigation which has shuttered two banks in Singapore, jailed and barred bankers, and revealed an asset haul including a now-grounded private jet and financing for a Hollywood blockbuster co-produced by the PM’s stepson.

The fund’s board hasn’t met in nearly one year, nor validated any profit-and-loss accounts for a whopping five years, Tony Pua, a spokesman for Malaysia’s opposition, said in Kuala Lumpur on Wednesday, according to «Sarawak Report».

Razak and Malaysia have insisted that 1MDB didn’t suffer any damages, a view that is echoed among legally-minded bankers in Singapore. This view is difficult to reconcile with the depth, scale and detail of the U.S. probe, the largest kleptocracy investigation in the country’s history. Read the rest of this entry »

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