Topic

Malaysia 1MDB scandali

1Malaysia Development Bhd (1MDB) is a state investment fund that came under investigation for alleged impropriety in July 2015, after reports emerged that investigators traced some US$700 million wired into Prime Minister Najib’s bank accounts. Both the fund and the premier denied wrongdoing, but the attorney general launched an investigation into alleged graft. 1MDB was 42 billion ringgit (HK$86 billion) in debt at the time of the scandal.

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  • Around 6.3 million private-sector workers in Malaysia who are younger than 55 have less than US$2,125 saved up for their retirement
  • Left unchecked, it would mean they have less than US$9 a month to survive on in their old age, according to ministry estimates
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Readers discuss the decision to halve the prison sentence of Malaysia’s former prime minister, and the enactment of a common civil code by the state of Uttarakhand in India.

Ex-1MDB general counsel Jasmine Loo told Malaysia’s High Court she would prepare documents for Jho Low, who would hand-deliver them to Najib Razak’s home in Kuala Lumpur.

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Mirzan and Mokhzani said they are compiling all relevant documents, but asked Malaysia’s anti-graft body for patience as they try to collate 43 years’ worth of information.

Malaysian authorities are counting on the convicted former Goldman Sachs banker, Roger Ng’s cooperation, to recover as much as possible from the billions looted from the fund.

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Critics have accused PM Anwar of abandoning his reform agenda as anger grows over the reduced sentence for ex-leader Najib for corruption linked to the 1MDB scandal.

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The decision to halve Najib’s sentence and cut his fine for corruption linked to the plunder of the 1MDB state fund enraged the public and reopened wounds on all sides of Malaysia’s festering political divide.

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Najib will be freed in August 2028 after his 12-year jail term was halved by Pardons Board led by King Sultan Abdullah, in one of his final acts in office.

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Mahathir Mohamad and Daim Zainuddin are among the old adversaries to be swept up in a wide-ranging anti-graft probe. Anwar denies he’s had a hand in it. Still, at least one observer says it’s a ‘smart move’.

Najib was jailed in 2022 after being convicted of corruption linked to the plunder of state fund 1MDB. The decision means he could now be eligible for release as early as next year.

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Najib’s lawyers contended that the statements by several individuals in the documentary were in contempt of court as his corruption trial was still ongoing.

Under ex-PM Najib Razak’s tenure, Malaysia saw billions of dollars of Chinese investments mainly via the Belt and Road Initiative, some of which were later axed.

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The ex-PM’s lawyers say the ‘Man on the Run’ documentary is prejudicial towards ongoing corruption trials linking Najib to billions of ringgit allegedly siphoned out of the state fund.

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During a 2017 visit to the US, former Malaysian PM Najib Razak and his delegation stayed at the Trump International Hotel for 10 nights and spent a total of US$248,962.

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As part of the 2020 settlement with Malaysia, Goldman made an initial US$2.5 billion payment, but lawyers involved in that deal are now under scrutiny.

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Executives at the Wall Street firm took the unusual step after growing increasingly frustrated with the country’s demands to renegotiate an existing settlement.

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It is unclear how long the former Goldman Sachs banker will be in the country of his birth. Ng has been sentenced to serve a 10-year term in the US for his role in the 1MDB scandal.

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President Ferdinand Marcos Jnr calls for more direct investment into the Philippines in areas including infrastructure, power generation, agriculture and renewable energy.

There are also signs of discontent in Anwar’s PH party as he tries to woo the Malay community – Najib’s allies – that mostly had gone for the opposition.

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Rosmah Mansor, the wife of ex-Malaysian prime minister Najib Razak, has applied to a court to drop her 12 money laundering charges and five tax evasion charges.

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Under the prohibition, Ng is permanently banned from performing any regulated activity under the Securities and Futures Act (SFA), according to the Monetary Authority of Singapore.

Umno President Ahmad Zahid Hamidi said the former Malaysian prime minister, who was jailed for corruption last year, must ‘get the justice he deserves’.

Malaysia’s prime minister said in an interview that he was ‘not discounting the possibility’ of a fresh lawsuit against the Wall Street firm for its role in the multibillion-dollar scandal.

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