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Feb 10, 2019 · Malaysian police took action. Forces swooped on property linked to Mr Najib’s family, seizing $275m in luxury goods including 284 boxes of handbags, $30m in cash denominated in different ...
- Stefania Palma
Jul 16, 2019 · “Wolf of Wall Street” producer Joey McFarland agreed to hand over the items that he said he received as gifts from Low Taek Jho, the alleged mastermind behind the theft of billions of...
Dec 18, 2018 · The 1MDB scandal is one of the greatest financial frauds in history. $4.5bn was allegedly misappropriated from the Malaysian state investment fund and used to buy luxury real estate,...
- December 18, 2018
- 3 min
- July 2009
- September 2009
- March 2012
- May and October 2012
- March 2013
- December 2013
- July 2015
- January 2016
- July 2016
- June 2017
Then prime minister and finance minister Najib launches 1MDB, a “strategic development company driving new ideas and new sources of growth”. The fund is wholly owned by the government of Malaysia and Najib is chairman of its board of advisers.
1MDB signs a deal with PetroSaudi International to set up a joint venture company and invests $1bn cash for a 40 percent stake. PetroSaudi, backed by oil and gas assets said to be worth $1.5bn,takes 60 percent in the business.
Najib launches the Tun Razak Exchange, built by 1MDB as a new financial district for Kuala Lumpur. Najib tells invited guests the first phase of the development will bring in RM3.5b ($856.8m) in direct foreign investments.
US investment bank Goldman Sachs helps 1MDB sell bonds worth $3.5bn to raise money to buy power assets.
Goldman Sachs helps 1MDB raise a further $3bn in an additional bond sale, this time to cover “new strategic economic initiatives” between Malaysia and Abu Dhabi.
The “Wolf of Wall Street”, with Leonardo DiCaprio in the lead role, is released in the United States. The $100m film was produced by Red Granite Pictures, a newcomer co-founded by Najib’s stepson Riza Aziz. The end credits included a thank you to Jho Low, a young Malaysian financier.
The Wall Street Journal and Sarawak Report say nearly $700m suspected to have originated with 1MDB was deposited into Najib’s personal bank account. Najib sacks the attorney general who was leading the Malaysian investigation and reshuffles his cabinet, removing key critics, including deputy prime minister Muhyiddin Yassin. The ruling party politic...
The new attorney general clears Najib of any wrongdoing, saying the $681m was a donation from a prince in Saudi Arabia and $620m was returned.
The United States Department of Justice files a civil suit to seize assets it alleges were bought with funds stolen from 1MDB. The suit says $681m found its way into the personal account of ‘Malaysian Official 1’, later identified as Najib by both the US and a Malaysian minister.
The justice department announces it believes more than $4.5bn was siphoned from 1MDB by senior officials and their associates.
- 2 min
Jul 29, 2016 · Money from 1MDB, the US also claimed, helped to purchase luxury apartments in Manhattan, mansions in Los Angeles, paintings by Monet, a corporate jet, and even financed a major Hollywood movie.
The Malaysian Immigration Department barred Najib [17] and 11 others [18] from leaving the country, while the police seized more than 500 handbags and 12,000 pieces of jewellery estimated to be worth US$270 million from property linked to Najib, the largest seizure of goods in Malaysian history. [19]
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Feb 3, 2016 · The scandal around Malaysia’s 1MDB state investment fund has deepened after international investigators into the affair said they suspected serious crimes had been committed. Here are four big...
