Articles Tagged with 1Malaysia Development Bhd.

Prosecutors in the US have filed lawsuits to seize assets that may be connected to an alleged financial fraud involving the 1Malaysia Development Bhd. (1MDB), which is a Malaysian state fund. The Justice Department is looking to recover $540M in property, assets, and other items. 1MDB was launched by Malaysian Prime Minister Najib Razak to help economic growth. The fund borrowed over $13B with little result to date.

It was in 2013 that The Wall Street Journal reported that almost $700M from the 1MDB fund, which was heavily in debt,had been moved to Prime Minister Najib’s personal bank account. Najib and 1MDB have denied wrongdoing and authorities in Malaysia have cleared him in their probe, which it has since closed.

The US government, however, claims that investors were bilked of billions of dollars in the financial fraud. Investigations into the alleged multi-billion dollar fraud are also ongoing in a number of countries, including Singapore, Luxembourg, and United Arab Emirates.

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