1MDB: The fund that may have led to a Malaysia government's fall

A 2015 photo showing the site for the Tun Razak Exchange, a planned financial district in Kuala Lumpur with aspirations of becoming Malaysia's Wall Street. The project was funded by 1Malaysia Development Berhad.
A 2015 photo showing the site for the Tun Razak Exchange, a planned financial district in Kuala Lumpur with aspirations of becoming Malaysia's Wall Street. The project was funded by 1Malaysia Development Berhad.REUTERS FILE PHOTO

After sweeping into power in a shock victory on May 9, Malaysia's new government has swiftly set its sights on cleaning up the mess surrounding scandal-ridden state fund 1Malaysia Development Berhad (1MDB).

The opposition had seized on charges that US$4.5 billion (S$6 billion) was misappropriated by high-level officials running the fund, in a bid to diminish Datuk Seri Najib Razak, the fund's staunchest defender - and, according to new Prime Minister Mahathir Mohamad, its biggest beneficiary - and his administration.

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A version of this article appeared in the print edition of The Sunday Times on May 20, 2018, with the headline '1MDB: The fund that may have led to a govt's fall'. Subscribe