Insolvent development company embroiled in scandals
"1MDB" redirects here. Not to be confused with IMDb or 1Malaysia.
1Malaysia Development Berhad
Formerly
Terengganu Investment Authority
Company type
State-owned enterprise
Industry
Strategic development
Founded
June 25, 2009; 14 years ago (2009-06-25)
Headquarters
Menara IMC, No 8 Jalan Sultan Ismail, Kuala Lumpur, Malaysia
Key people
Asri Hamidon (Chairman), Jho Low (Consultant)
Revenue
Non-disclosed
Owner
Minister of Finance (Incorporated)
Website
www.1mdb.com.my
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1Malaysia Development Berhad (1MDB; Malay:[ˈsatumaˈlajʃadɛˈvɛlɔpmɛn(t)bərˈɦad]) is an insolvent[1] Malaysian strategic development company, wholly owned by the Minister of Finance (Incorporated).[2][3]
In 2015, the company became the subject of a major international corruption scandal, with evidence pointing to money laundering, fraud, and theft. A lawsuit filed by United States Department of Justice (DOJ), alleged that at least US$3.5 billion has been stolen from Malaysia's 1MDB state-owned fund.[4] US attorney-general Jeff Sessions had described it in an international conference as "kleptocracy at its worst".[5][6] In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be at US$7.8 billion.[7] The scandal implicated Malaysian prime minister Najib Razak, contributing to the 2018 election loss of his party and his eventual trial and imprisonment.
As of 5 August 2021, in an ongoing effort to fight global kleptocracy, the U.S. Department of Justice recovered and returned a total of US$1.2 billion of 1MDB funds misappropriated within U.S. jurisdiction to the people of Malaysia,[8] joining a list of several countries which have initiated recovery or that have already repatriated smaller recovered amounts.[9]
^"1MDB insolvent, unable to repay debts: 2 directors". The Straits Times. 24 May 2018. Retrieved 21 August 2021.
^"About Us What we do". 1mdb.com.my. Archived from the original on 6 May 2014. Retrieved 19 November 2017.
^"Executive Summary of Auditor's Report on 1MDB". National Audit Department of Malaysia. Auditor General of Malaysia. 15 May 2015. Archived from the original on 16 May 2018. Retrieved 16 May 2018.
^"1MDB: The inside story of the world's biggest financial scandal". The Guardian. 28 July 2016. Archived from the original on 11 November 2019. Retrieved 3 March 2020.
^"Jeff Sessions calls Malaysia's 1MDB scandal 'kleptocracy at its worst'". Reuters. 5 December 2017.
^"1MDB saga is 'kleptocracy at its worst': Jeff Sessions - Taipei Times". www.taipeitimes.com. 6 December 2017.
^"Malaysia's 1MDB state fund still $7.8 billion in debt - government report". Reuters. 6 November 2020. Retrieved 11 July 2021.
^"Over $1.6 billion in misappropriated 1MDB funds repatriated to Malaysia so far". Straits Times. 6 August 2021. Retrieved 6 August 2021.
^"Singapore to return $11 million in 1MDB-linked funds to Malaysia". Reuters. 10 September 2018. Retrieved 7 August 2021.
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