22 Jul '15, 9pm

A Scandal In Malaysia Spurs Credibility Crisis - By Giulia Zino (Forbes)

By Giulia Zino Forbes 7/21/2015 SINGAPORE – Malaysia has generated a considerable volume of negative press coverage over the past year, but none as eye-catching as the recent scandals surrounding controversial debt-ridden sovereign investment company 1Malaysia Development Berhad (1MDB). After brewing for months, the 1MDB saga took a startling turn on July 2 when the Wall Street Journal published details of leaked bank documents, apparently showing that nearly $700m had been channelled through the investment company and directly into the personal accounts of Prime Minister Najib Razak. Najib established 1MDB in 2009 with the visionary aim of facilitating investment and trade with the Middle East, and of developing a new financial district in Kuala Lumpur. Najib chairs 1MDB’s board and also heads the Ministry of Finance, which fully owns the company. 1MDB has collected a por...

Full article: http://blog.limkitsiang.com/2015/07/23/a-scandal-in-malay...

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