Aims, corporate structure and funding of 1MDBġMDB began as the Terengganu Investment Authority (TIA), launched by the Menteri Besar (Chief Minister) of the State of Terengganu, Ahmad Said, in February 2009. The paper examines the various corrupt practices in the 1MDB scandal and explains why they occurred, focusing on political control and the lack of proper surveillance and accountability, with consideration given to the lessons that can be learnt from the scandal. The investigations and court trials are still on-going, as more evidence of the scandal comes to light.
The investigations were intensified in 2018 with the change of government in Malaysia when the Pakatan Harapan coalition, under the new Prime Minister Mahathir Mohamad, replaced the Barisan Nasional Government led by Najib, which had ruled Malaysia since independence in 1957. The scandal came to light in 2015 and has given rise to investigations not only in Malaysia but in other countries where embezzled and other illicit money has been deposited and laundered. He is alleged to have been the mastermind behind the scandal. Increasingly from 2016 the spotlight has been placed on the former Malaysian Prime Minister, Najib Razak (who was also Chairman of the 1MDB Advisory Board), his wife, Rosmah Mansor, and Low Taek Jho (or Jho Low) a Malaysian businessman and associate of Najib. A cohort of bankers, businessmen and senior government officials mainly from Malaysia, but some from Saudi Arabia, the UAE and other countries have been implicated in the scandal. The illicit money was often transferred and laundered outside Malaysia. The corruption has involved the embezzlement and laundering of billions of US dollars from its accounts together with gains from bribery and bond pricing, facilitated by false declarations by its officials and others. The 1 Malaysia Development Fund Bhd (1MDB) scandal is perhaps the most serious corruption scandal that has been recorded.
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