1Malaysia Development Berhad scandal

The 1Malaysia Development Berhad scandal is a political scandal that is taking place in Malaysia. In 2015, Prime Minister Najib Razak was accused of sending over  Malaysian ringgit (about US$) from 1Malaysia Development Berhad (1MDB), a government-run company that was made to develop the country's economy, to his own bank accounts. Many Malaysians called for Najib to resign because they did not want a corrupt prime minister. In 2018, Najib was defeated in an election by Mahathir Mohamad. The scandal also led to investigations in several countries because some of the money was moved through international banks.

A Malaysian politician, Anwar Ibrahim, has asked questions about the true purpose of 1MDB. He told Parliament that the company "has no business address and no appointed auditor" to check the company's finances.  According to records, 1MDB has nearly RM 42 billion (US$11.73 billion) in debt.

 Introduction 
"Berhad" is a Malay word that means limited. In this case it means a limited company. That means that a company's finances are separate from those of the owners. Members of the public may not own shares in the company.

 Timeline 

Related pages
 Murder of Altantuya Shaariibuu

 References 

Category:1Malaysia Development Berhad scandal