1MDB: How A Malaysian Scandal Spread Across The World

Posted on by

1MDB: How A Malaysian Scandal Spread Across The World.

In comments made by Abdul Rahman Dahlan, the Malaysian Minister of Urban Well-Being, Housing and Local Government in a BBC interview in September 2016, he said that the unnamed official “Malaysian Official 1” singled out by the U.S. Justice Dept in their lawsuit filed in July 2016, was in fact the Malaysian Prime Minister, who is also the Finance Minister, and the Chairman of 1 Malaysia Development Berhad (1MDB) Board of Advisors. Banks and financial institutions in ten countries were involved in funnelling billions of dollars from 1MDB into off-shore entities – no one actually knows exactly how much money was involved to date, but the sums so far added up to tens of billions. The only action so far were the closure of the Swiss BSI Bank in Singapore, the prosecution of three Singaporean BSI private bankers, and the seizure of assets allegedly acquired with the misappropriated funds in the USA by the Justice Dept. Tun Seri Najib Razak, the Malaysian Prime Minister, continues to plead his innocence, in his involvement in the 1MDB sleaze.

Read Latest Investigation By The U.S. Justice Dept Here:

http://www.wsj.com/articles/law-firms-accounts-pose-money-laundering-risk-1482765003

Read Background Article Here:

http://www.wsj.com/graphics/1mdb-how-a-malaysian-scandal-spread-across-the-world/

Follow The Wall Street Journal Updates Here:

http://www.wsj.com/specialcoverage/malaysia-controversy