US officials reveal the US was seeking the forfeiture and recovery of more than $1bn in assets misappropriated from 1MDB in Washington in July 2016 June 2018 Two days later, Najib and his wife, Rosmah Mansor, are barred from leaving the country. Najib is defeated in Malaysia’s general election amid deepening anger over 1MDB and the rising cost of living, and his United Malays National Organisation (UMNO) finds itself out of power for the first time since independence. The attorney general later describes the scandal as “kleptocracy at its worst”. The justice department says a criminal investigation into the fund is underway. The justice department announces it believes more than $4.5bn was siphoned from 1MDB by senior officials and their associates. The suit says $681m found its way into the personal account of ‘Malaysian Official 1’, later identified as Najib by both the US and a Malaysian minister. The United States Department of Justice files a civil suit to seize assets it alleges were bought with funds stolen from 1MDB. Malaysians took to the streets in November 2016 protesting against 1MDB and calling for Najib’s resignation July 2016 PetroSaudi, backed by oil and gas assets said to be worth $1.5bn, takes 60 percent in the business. September 2009ġMDB signs a deal with PetroSaudi International to set up a joint venture company and invests $1bn cash for a 40 percent stake. The fund is wholly owned by the government of Malaysia and Najib is chairman of its board of advisers. Then prime minister and finance minister Najib launches 1MDB, a “strategic development company driving new ideas and new sources of growth”. Here is a timeline of some major developments in the scandal. Najib, the son of the country’s second prime minister, is the first Malaysian leader ever to go on trial for corruption in the country.Īn arrest warrant has been issued for Jho Low, the elusive Malaysian financier at the centre of the 1MDB allegations, as well as for others believed to have been involved. The fund’s business is under investigation in at least six countries over allegations that billions of dollars were siphoned off to buy luxury property, designer jewellery and art, and to fund the Hollywood movie Wolf of Wall Street.
Malaysia is awaiting the verdict in the first of a series of cases charging former prime minister Najib Razak with corruption over his alleged involvement in the scandal at 1Malaysia Development Berhad (1MDB), a state fund that Najib founded to drive new development in the country.
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