Key-Points<\/strong><\/h2>\n\n\n\n1Malaysia Development Berhad (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Minister of Finance (Incorporated).<\/p>\n\n\n\n
It was founded in 2009 by Malaysia\u2019s former Prime Minister Najib Razak founded as a platform to bring foreign investment to the country and promote long-term economic development.<\/p>\n\n\n\n
Since 2015, the company has been under heavy scrutiny for its suspicious money transactions and evidence pointing to money laundering, fraud, and theft.<\/p>\n\n\n\n
In 2012, American banking giant Goldman Sachs was roped in to raise investments, and over $6.5 billion was raised in the following year. The firm charged $600 million in fees for its services, and billions were allegedly pocketed by Razak and members of his inner circle.<\/p>\n\n\n\n
In 2015, Malaysia’s then-Prime Minister Najib Razak was accused of channelling over RM 2.67 billion from 1Malaysia Development Berhad (1MDB) to his personal bank accounts.<\/p>\n","protected":false},"excerpt":{"rendered":"
A court in Malaysia has sentenced former PM Najib Razak to 12 years in jail after finding him guilty on all seven counts in the first of several multi-million dollar corruption trials. Najib had pleaded not guilty to the charges of criminal breach of trust, money laundering and abuse of power. Daily Current Affairs Quiz […]<\/p>\n","protected":false},"author":404,"featured_media":25921,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1175],"tags":[58],"offerexpiration":[],"class_list":["post-25920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-july-2020","tag-international-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/25920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/404"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=25920"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/25920\/revisions"}],"predecessor-version":[{"id":25922,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/25920\/revisions\/25922"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/25921"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=25920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=25920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=25920"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/offerexpiration?post=25920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}