1Malaysia Development Berhad scandal

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The 1Malaysia Development Berhad scandal or 1MDB scandal is an ongoing political scandal occurring in Malaysia. In 2015, Malaysia's then-Prime Minister Najib Razak was accused of channelling over RM 2.67 billion (nearly USD 700 million) from 1Malaysia Development Berhad (1MDB), a government-run strategic development company, to his personal bank accounts.[1] The event triggered widespread criticism among Malaysians, with many calling for Najib Razak's resignation – including Dr. Mahathir Mohamad, one of Najib's predecessors as Prime Minister, who eventually defeated Najib to return to power after the 2018 general election.

Political leader Anwar Ibrahim has openly questioned the credentials of 1MDB. He told Parliament that according to the records held by the companies commission, the company "has no business address and no appointed auditor."[2] According to its publicly filed accounts, 1MDB has nearly RM 42 billion (USD 11.73 billion) in debt.[3] Some of this debt resulted from a $3 billion state-guaranteed 2013 bond issue led by Goldman Sachs, who is believed to have made as much as $300 million in fees from that deal alone, although it disputes this figure.[4] Conference of Rulers in Malaysia has called for the investigations by the government to be completed as soon as possible, saying that the issue is causing a crisis of confidence in Malaysia.[5][6]

After the 2018 election, the newly elected Prime Minister, Mahathir Mohamad, said there was enough evidence to reopen a probe into the 1MDB scandal.[7] In the months after the election, Malaysian authorities barred Najib Razak from leaving the country, seized a huge haul of cash and valuable items from premises linked to him, and charged him with criminal breach of trust, money laundering and abuse of power, while Jho Low was charged with money laundering. Having filed complaints alleging that more than US$ 4.5 billion was diverted from 1MDB by Jho Low and other conspirators including officials from Malaysia, Saudi Arabia and the United Arab Emirates, the U.S. Department of Justice said it would continue to pursue investigations into 1MDB and looked forward to working with Malaysian authorities.[8]

The whistle-blower was the Swiss banker and former director of PetroSaudi Xavier Justo.[9][10]

Contents

- 1Email and newspaper exposés

- 2Malaysian investigations and actions

- 2.1Change of auditors and transparency

- 2.2Debts and rating downgrade

- 2.3Donation explanation from government

- 2.4Bank Negara actions

- 2.5Police reports

- 2.6Local Lawsuits

- 2.7Government actions

- 2.8Ramifications and debt restructuring default

- 2.9Renewed investigations after 14th general election

- 3Investigations by foreign law enforcement agencies

- 3.1Australia

- 3.2Hong Kong

- 3.3Indonesia

- 3.4Luxembourg

- 3.5Seychelles

- 3.6Singapore

- 3.7Switzerland

- 3.8UAE

- 3.9United Kingdom

- 3.10United States of America

- 4Recovery of 1MDB assets

- 5Timeline[312][313]

- 6See also

- 7References

- 8Bibliography

- 9External links

Email and newspaper exposés[edit]

It was reported by news portal Sarawak Report and British newspaper The Sunday Times, using leaked email correspondences, that Penang-based financier Jho Low, who has ties with Najib's stepson, siphoned out US$700 million from a joint venture deal between 1MDB and PetroSaudi International through Good Star Ltd.[11][12][13][14] Although Low never received an official position in 1MDB, he is described as someone who was regularly consulted about 1MDB without having any decision-making authority.[15] An email revealed that Jho Low had the loan approval from Prime Minister Najib for US$1 billion without getting any approval from Bank Negara.[16][17] Sarawak Report showed minutes of a meeting at 1MDB that CEO Arul Kanda gave out false bank statements pertaining to its subsidiary's accounts at the Singapore branch of BSI Bank.[18][19] Arul Kanda denied the allegation that he gave false bank statements to Bank Negara.[20]

It was claimed through a report by the Wall Street Journal that 1MDB made overpriced purchases of power assets in Malaysia through Genting Group in 2012. Genting then allegedly donated this money to a foundation controlled by Najib Razak, who used these funds for election campaign purposes during the 2013 general elections.[21][22][23] According to a news report quoting 1MDB, the company denied that it overpaid for its energy assets. 1MDB was quoted as saying that their energy acquisitions were made only when the company was convinced of its long-term value.[24]

Further allegations were made by the Wall Street Journal that US$700 million was transferred from 1MDB and deposited in AmBank and Affin Bank accounts under Najib Razak's name.[25][26] A task force that was tasked to investigate these claims has frozen 6 bank accounts linked to Najib and 1MDB.[27][28] The Malaysian Anti-Corruption Commission (MACC) subsequently, in August 2015, cleared 1MDB of this allegation. MACC issued a statement saying, among other things, "Results of the investigation have found that the RM2.6bil which was allegedly transferred into the account belonging to Najib Razak came from the contribution of donors, and not from 1MDB".[29]

According to highly placed sources, three of the bank accounts that have been frozen belong to Najib Razak.[30][31] The Wall Street Journal revealed the bank account details online to rebut denials by Najib Razak and his supporters.[32][33][34] Singapore police have frozen two Singapore bank accounts in connection with their own investigation into the alleged financial mismanagement at 1MDB, after reports stated that US$700 million worth of deposits was moved through Falcon Bank in Singapore into Najib Razak's personal accounts in Malaysia.[35][36] However, 1MDB denied having any knowledge of their accounts being frozen, and said they have not been contacted by any of the foreign investigating authorities.[37]

The Wall Street Journal also reported that 1MDB transferred around $850 million via three transactions in 2014 to a British Virgin Islands-registered company with a name disguising that it was controlled by IPIC, according to wire transfer documents.[38][39][40]

The Wall Street Journal (WSJ) released a report stating that 1MDB failed to pay US$1.4 billion to a United Arab Emirates state investment vehicle, International Petroleum Investment Co (IPIC). The money was owed to IPIC after it had guaranteed a US$3.5 billion bond issued by 1MDB to fund its purchase of power plant assets in 2012.[41][42][43] The WSJ released another report saying that a further US$993 million was missing that 1MDB was supposed to pay IPIC.[44][45][46] 1MDB responded to the WSJ report, saying that the company continues to enjoy a strong business relationship with IPIC, as proven by the execution of a binding term sheet that saw IPIC assume obligation for a US$3.5 billion bond principal and interest, currently held by 1MDB, and followed a US$1 billion cash payment made by IPIC to 1MDB in June.[47] Earlier in October 2015, IPIC reaffirmed their commitment to working with 1MDB and the Malaysian Ministry of Finance.[48]

Another report by the WSJ pointed out that 1MDB, in connection with a United States political fundraiser DuSable Capital Management LLC, signed a joint venture agreement creating a fund, Yurus PE Fund, to develop solar power plants in Malaysia.[49][50] Six months after the joint venture agreement was signed, 1MDB bought out DuSable's stake of 49% of Yurus for US$69 million before any construction took place.[51][52] According to bank transfer information, the WSJ revealed that Najib Razak spent close to USD$15 million on clothes, jewellery and a car in places such as the United States, Singapore and Italy using a credit card that was paid from one of several private bank accounts owned by Najib Razak, that 1MDB funds had been diverted to.[53][54][55][56]

Malaysian investigations and actions[edit]

Change of auditors and transparency[edit]

The RM425 million profit between 25 September 2009 and 31 March 2010 raised many criticisms and controversies on the lack of transparency given to 1MDB's accounts. Tony Pua, DAP Member of Parliament for Petaling Jaya Utara, questioned Najib Razak, 1MDB advisory board chairman, whether the figures were the result of an asset injection into 1MDB by the government such as the transfer of land rights to the company.[57][58]

During the October 2010 parliamentary session, 1MDB explained that its accounts had been fully audited and signed by KPMG, and closed as of March 31, 2010. Deloitte was involved in the valuation and analysis of the portfolio, while Ernst & Young provided tax advice for 1MDB.

1MDB raised attention by asking for a six-month extension on the annual report meant to be filed in with the CCM by 30 September 2013. In the meantime, the change of three auditors since its inception in 2009 was considered suspicious.[59][60] It also said that 1MDB had lodged the necessary information, including its registered address, with the Companies Commission of Malaysia as required by the law.[61]

The Sungai Besi airport land transfer took place in June 2011, for development as Bandar Malaysia, a mixed integrated project of commercial, residential and hi-tech green environment.[62] There have been questions by the opposition regarding lack of progress on Bandar Malaysia even after 1MDB raised RM3.5 billion in loans and Islamic bonds to fund the project and take ownership of the land.[63][64] In April 2013, 1MDB awarded a RM2.1 billion contract to Perbadanan Perwira Harta Malaysia (PPHM), a subsidiary of Lembaga Tabung Angkatan Tentera (LTAT) to develop eight sites for the relocation of Pangkalan Udara Kuala Lumpur, the military base in Sungai Besi.[65] The construction of Bandar Malaysia will be set to commence following the completion of this relocation project. As part of its debt rationalisation plan, on 31 December 2015, 1MDB inked an agreement with a consortium comprising Iskandar Waterfront Holdings and China Railway Engineering Corporation to sell 60% of its stake in Bandar Malaysia Sdn Bhd.[66]

On 7 September 2015, a member of the board of advisors to 1MDB, Abdul Samad Alias, resigned stating that he did so after his many requests for information on 1MDB affairs were ignored.[67][68] 1MDB subsequently denied receiving repeated requests from Abdul Samad, stating that its President, Arul Kanda, has personally met Abdul Samad in January and March that year to "discuss the company's affairs".[69]

1MDB has not had a proper external accounts audit since 2013, partly as a result of Deloitte Malaysia, their auditors at the start of that period, issuing a statement in July 2016 saying that their audit reports of 1MDB financial statements, dated 28 March 2014 and 5 November 2014 covering financial years 2013 and 2014 respectively, should no longer be relied upon.[70][71] In early March 2015, with public discontent growing at the perceived lack of financial transparency at 1MDB, the Prime Minister, who is also the Chairman of 1MDB's Board of Advisors, ordered the Auditor General of Malaysia to carry out an audit of 1MDB.[72] However, on completion of the audit, the final report was classified as an Official Secret and only made available to the Public Accounts Committee (PAC) tasked to investigate improprieties at 1MDB.[73][74] Purported copies of the report have however surfaced on the internet.[75][76][77]

In May 2018, after the formation of the new Cabinet following Pakatan Harapan's victory in the General Elections, Finance Minister Lim Guan Eng ordered the appointment of PricewaterhouseCoopers (PwC) to conduct a special position audit and review of 1MDB.[78]

Debts and rating downgrade[edit]

It was reported that 1MDB has accumulated debts of nearly RM42 billion. Further alleged financial challenges caused 1MDB bonds to trade at a record low in early 2015.[79][80][81] It was reported that the Malaysian cabinet had rejected a RM3 billion cash injection for 1MDB, narrowing its options to pay off its debts on time.[82][83][84]

Donation explanation from government[edit]

Former Malaysian Prime Minister Najib has been heavily linked to the 1MDB crisis.

On 3 August 2015, the Malaysian Anti-Corruption Commission stated that the RM 2.6 billion that had been banked into Najib's personal account came from donors, not 1MDB, but did not elaborate on who the donors were or why the funds were transferred, nor why this explanation had taken so long to emerge since the allegations were first made on 2 July 2015.[85][86] UMNO Kuantan division chief Wan Adnan Wan Mamat later claimed that the RM 2.6 billion was from Saudi Arabia as thanks for fighting ISIS. He further claimed that the Muslim community in the Philippines as well as southern Thailand had also received similar donations, and that since the donations were made to Najib personally as opposed to UMNO, the funds were deposited into Najib's personal accounts.[87]

Saudi Foreign Minister Adel al-Jubeir said he was aware of the donation, and said that it was a genuine donation with nothing expected in return.[88][89] Attorney-general Mohamad Apandi Ali has said that the donation was from one of the sons of the late Saudi King Abdullah,[90][91] namely Turki bin Abdullah Al Saud.[92] In an interview with ABC News, Wall Street Journal finance editor Ken Brown stated that the money did not come from the Saudis and they had evidence that it came from companies related to 1MDB.[93][94][95]

Bank Negara actions[edit]

Using the premise that 1MDB used inaccurate or incomplete disclosure of information, Bank Negara has revoked permissions earlier granted to 1MDB for investments abroad totalling US$1.83 billion.[96][97] Bank Negara has called for the Attorney General to begin criminal prosecution of 1MDB after completing their own investigations of 1MDB.[98][99] 1MDB has stated that they are unable to repatriate the US1.83 billion demanded by Bank Negara because the funds have been spent.[100] Bank Negara Governor Zeti Akhtar Aziz later retired and was replaced with Muhammad bin Ibrahim on 1 May 2016.[101]

Police reports[edit]

The scandal took a dramatic twist on 28 August 2015 when a member of Najib Razak's own UMNO party filed a civil suit against him alleging a breach of duties as trustee and that he defrauded party members by failing to disclose receipt of the donated funds, and account for their use.[102] This suit was filed in the Kuala Lumpur High Court and also named party executive secretary Abdul Rauf Yusof. Expressing fear that Najib Razak would wield influence to remove any member of UMNO "for the sole purpose of avoiding liability", the court was also being moved for an injunction to restrain UMNO, its Supreme Council, state liaison body, divisions and branches from removing the nominal plaintiff as a party member pending the determination of the suit. The plaintiff is also seeking a repayment amounting to US$650 million, the amount allegedly deposited by Najib Razak to a Singapore bank, an account of all monies that he had received in the form of donations, details of all monies in an AmPrivate Banking Account (No. 2112022009694), allegedly belonging to Najib Razak, along with damages, costs, and other reliefs.[103] One of the UMNO representatives, Anina Saadudin, who filed the lawsuit, was immediately expelled from the party.[104][105][106]

Another police report was filed by a Johor UMNO member, Abdul Rashed Jamaludin, against Najib Razak, over the funds that went into his bank account and other wrongdoings at 1MDB.[107][108]

Another UMNO member, Khairuddin Abu Hassan, and his lawyer Matthias Chang, has submitted evidence on the 1MDB scandal to the Swiss attorney general for investigation into whether any Swiss banks had done business with 1MDB[109][110] Khairuddin also lodged a police report in Hong Kong against Najib Razak and Jho Low, pertaining to three companies: Alliance Assets International, Cityfield Enterprises, Bartingale International and Wonder Quest Investment, which had purported dealings with 1MDB.[111][112] Khairuddin and Matthias were barred from leaving Malaysia after confirmation from immigration officials who were under orders by the police to prevent them from leaving.[113][114][115] Khairuddin and Matthias were charged under the Security Offenses Act (SOSMA) under the pretext of sabotaging Malaysia's banking and financial sector.[116][117][118]

Local Lawsuits[edit]

The opposition People's Justice Party (PKR) has filed a lawsuit against Najib Razak, Tengku Adnan Tengku Mansor, 1MDB and the Election Commission accusing them of violating election laws on campaign expenses, using funds from 1MDB.[119][120] However, the Malaysian High Court threw out the suit, stating PKR had no legal standing to bring the suit against Najib and 1MDB.[121][122]

Former Prime Minister Mahathir has filed a lawsuit against Najib Razak for alleged interference in government investigations on 1MDB and the RM2.6 billion political donation.[123][124][125]

Government actions[edit]

Following criticisms of the 1MDB issue, deputy Prime Minister Muhyiddin Yassin was removed from office and his position was given to then Home Minister Ahmad Zahid Hamidi[126][127]. Also removed from office was Rural and Regional Development Minister Shafie Apdal who was also critical of the 1MDB issue.[128][129] Both were eventually expelled from UMNO in June 2016.

The attorney general Abdul Gani Patail, who was heading a multi-agency task force investigating claims of misappropriations of funds allegedly involving Najib Razak and 1MDB, was removed from his position and his post was given to Mohamed Apandi Ali, a former Federal Court judge.[130][131] Furthermore, the Public Action Committee that was investigating the purported losses in 1MDB was indefinitely postponed due to four of its members being given positions in Najib Razak's cabinet, namely the PAC chairman Nur Jazlan Mohamed, Reezal Merican Naina Merican, Wilfred Madius Tangau and Mas Ermieyati Samsudin.[132][133][134]

The news publications The Edge Malaysia and The Edge Financial Daily were suspended for three months in July 2015 for allegedly publishing false reports on the 1MDB issue by the Malaysian Home Ministry.[135][136][137] Also in 2015, the website Sarawak Report was also blocked by Malaysian Communications and Multimedia Commission, which regulates Internet services in Malaysia.[138][139] The Malaysian police have issued an arrest warrant for Clare Rewcastle Brown, who manages the Sarawak Report website, giving the reason that she was involved in activities detrimental to parliamentary democracy and disseminating false reports about Najib Razak.[140][141]

The police also arrested UMNO member Khairuddin Abu Hassan after he lodged police reports in London, Singapore, France and Hong Kong regarding financial improprieties regarding 1MDB.[142][143][144] According to his lawyer, Khairuddin was going to the United States to meet with the Federal Bureau of Investigation to urge them to probe 1MDB over money laundering.[145][146] However, the FBI's New York City office confirmed to the WSJ that no agent had arranged to meet Khairuddin or had any previous contact with him.[147]

Former Kedah Menteri Besar Mukhriz Mahathir resigned from his post on 3 February 2016, saying he did so because he was told by Najib Razak that he was in the wrong in criticising Najib Razak and 1MDB.[148][149] He too was expelled from UMNO in June. His father, Mahathir Mohamad, who was the fourth prime minister and had been supporting Najib since he had been in office, withdrew his support for Najib and quit UMNO later in the month[150].

Opposition member of parliament Rafizi Ramli was arrested and charged under the Official Secrets Act by police and government for leaking information about the Auditor General's report on 1MDB.[151][152][153]

The Home Ministry has stated that they and Interpol have been unsuccessful in locating the following individuals linked to 1MDB to help in facilitating their investigations into 1MDB: business tycoon Jho Low, 1MDB’s former senior executives Casey Tang Keng Chee and Jasmine Loo Ai Swan, SRC International managing director Nik Faisal Ariff Kamil, and Deutsche Bank country manager Yusof Annuar Yaacob.[154][155][156]

Currently, Medium.com, a popular platform offering amateurs and professionals a simple way to publish their articles, is also blocked by Malaysian Communications and Multimedia Commission (MCMC), over a single article posted by Sarawak Report.[157][158] Another website, Asia Sentinel, was blocked by the MCMC after carrying a Sarawak Report article related to the MACC completing a probe and having alleged 37 charges drawn up against Najib Razak involving 1MDB.[159][160][161][161] Another Malaysian news website, The Malaysian Insider, was blocked and its journalists investigated for carrying a report saying that the MACC had found enough evidence in investigations into Najib Razak to charge him for corruption.[162][163][164]

Ramifications and debt restructuring default[edit]

The Malaysian Public Accounts Committee (PAC) inquiry into 1MDB revealed that the management of the fund acted without the board's approval and misled auditors several times,[165][166][167] calling for the police to investigate its former manager.[168][169] The PAC also found that the board of directors in which Najib Razak was the chairman failed in giving proper oversight of the fund's finances.[170][171] The 1MDB board of directors immediately submitted their resignations after the PAC findings were made public.[172][173][174] The PAC report stated that USD3.5 billion was paid to a company, Aabar Investments PJS, but IPIC released a statement that neither it or its subsidiary Aabar Investments PJS have any links to a British Virgin Islands-incorporated firm Aabar BVI or received any money from that BVI firm.[175][176][177]

International Petroleum Investment Company made an announcement in a filing in the London Stock Exchange that 1MDB failed to make a USD $1.1 billion payment as part of its debt restructuring agreement, and that the debt deal between the two companies has been terminated.[178][179][180]

Renewed investigations after 14th general election[edit]

After the 14th Malaysian general election (GE14) on 9 May 2018 which marked a historic defeat for the Barisan Nasional coalition led by Najib Razak, Pakatan Harapan formed a new government led by Prime Minister Mahathir Mohamad. The government set up a special task force headed by former Attorney General Tan Sri Abdul Gani Patail to renew investigations into the 1MDB scandal.[181]

The government barred Najib Razak from leaving the country, and the police seized cash and valuable items amounting to between RM 900 million and RM 1.1 billion (US$ 220 million and US$ 269 million) from residential units linked to Najib and his wife Rosmah Mansor. As claimed by the police, this was the biggest seizure in Malaysian history, with the seized items comprising more than 12,000 pieces of jewelry, 423 valuable watches and 567 handbags made up of 37 luxury brands.[182][183] Najib was subsequently arrested by the MACC.[184] In September 2018, he faced 25 charges relating to abuse of power and money laundering amounting to RM 2.3 billion (US$ 556 million), on top of seven charges with criminal breach of trust and power abuse brought against him in the preceding two months.[185] As of April 2019, he stands with 42 charges.

The government has also issued arrest warrants against Jho Low and former director of SRC International Nik Faisal Ariff Kamil in a graft probe related to the state fund 1MDB.[186]

On 28 June 2018, two days before the end of his employment contract, 1MDB sacked its President and Chief Executive Officer Arul Kanda on grounds of dereliction of duties.[187]

Media reports from June 2018 also indicate that the MACC froze bank accounts associated with UMNO, purportedly in relation to investigations into the 1MDB matter.[188]

In August 2018, Malaysian police filed criminal charges against Jho Low and his father Larry Low over money laundering of US$457 million, which was allegedly stolen from 1MDB and most of the cash used for purchasing the superyacht Equanimity.[189][190] From October 29 through November 28, 2018, the Equanimity was up for auction by investigators (pending a US $1 million deposit).[191] It was eventually sold to the Genting Group at US$ 126 million[192].

In December 2018, the Attorney-General Chambers of Malaysia filed criminal charges against subsidiaries of Goldman Sachs, their former employees Tim Leissner and Roger Ng Chong Hwa, former 1MDB employee Jasmine Loo, and Jho Low in connection with 1MDB bond offerings arranged and underwritten by Goldman Sachs in 2012 and 2013. The prosecutors were seeking criminal fines in excess of US$2.7 billion misappropriated from the bonds proceeds, US$600 million in fees received by Goldman Sachs, as well as custodial sentences against the individuals accused.[193][194][195]

Investigations by foreign law enforcement agencies[edit]

Australia[edit]

The Australian fund management company Avestra Asset Management, which managed up to 2.32 billion in 1MDB funds, is being liquidated, and is under investigation by the Australian Securities and Investments Commission for reported breaches of the law and potential losses to its members.[196][197][198] The Australian High Court has ordered five investment schemes run by Avestra to close down after discovering undisclosed related-party transactions, with 13 potential breaches of corporate law and failure to invest according to the fund's individual mandates.[199][200]

Hong Kong[edit]

Hong Kong police have begun investigations regarding US$250 million in Credit Suisse branch deposits in Hong Kong linked to Najib Razak and 1MDB.[201][202]

Indonesia[edit]

Indonesia seized the superyacht Equanimity on 28 February 2018 on the island of Bali at the request of the US Department of Justice, as part of a corruption investigation linked to the 1MDB scandal.[203] The Indonesian government returned the yacht to Malaysia in August 2018, following the activation of the Mutual Legal Assistance Treaties between Indonesia, the United States and Malaysia.[204][205]

Luxembourg[edit]

State prosecutors in Luxembourg have also started money laundering investigations concerning 1MDB as it involved transfers of several hundred million dollars to an offshore company involving a bank account from Luxembourg.[206][207][208][209] The bank in question is a private bank of the Edmond de Rothschild Group which manages money on behalf of wealthy clients.[210][211][212]

Seychelles[edit]

The Seychelles's Financial Intelligence Unit is helping an international investigation into the troubled state fund 1MDB, by providing detailed information relating to offshore entities registered in Seychelles that are related to the international investigation.[213][214][215]

1MBD has not contested, and appears unlikely to contest, any lawsuit which has arisen from the investigations of foreign investigating authorities.[216]

Singapore[edit]

In Singapore, the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department have seized a number of bank accounts in Singapore for possible money-laundering offences related to investigations into alleged financial mismanagement at 1MDB.[217][218][219] One of the bank accounts frozen belonged to Yak Yew Chee, who was the relationship manager for 1MDB Global Investments Ltd, Aabar Investment PJS Limited and SRC International and Low Taek Jho.[220][221][222] Singaporean Yeo Jiawei, an ex-BSI banker, has been charged with money laundering and cheating offences as part of the Singapore probe into 1MDB, and Yeo's dealings with firms linked to 1MDB, Brazen Sky Ltd. and Bridge Partners Investment Management.[223][224] A second individual, Kelvin Ang Wee Keng, was charged with corruption in connection with the Singaporean investigation into 1MDB.[225][226]

According to a joint statement from the Attorney General's Chambers and the Monetary Authority of Singapore, assets totalling S$240 million have been seized during their investigations into 1MDB.[227][228] Of the bank accounts and properties seized were S$120 million belonging to Jho Low and his family.[229][230][231]

In March 2017, MAS issued a 10-year prohibition order against former Goldman Sachs banker Tim Leissner for making false statements on behalf of his bank without its knowledge.[232] The prohibition order, which prevents him from performing any regulated activity under the Securities and Futures Act and from managing any capital market services firm in Singapore, was extended in December 2018 from 10 years to lifetime after he admitted to charges related to an investigation into the 1MDB scandal.[233][234]

In September 2018, the Singapore State Courts granted the return of 1MDB monies with a total value of S$15.3 million to Malaysia while solicitors for the Malaysian government stated that efforts to recover other unlawfully misappropriated assets were ongoing.[235][236]

Switzerland[edit]

Swiss authorities under the direction of the Office of the Attorney General of Switzerland began to freeze bank accounts amounting to several million US dollars linked to 1MDB.[237][238][239] The Swiss attorney general's office said its investigation revealed indications that funds estimated to be US$4 billion may have been misappropriated and said it was looking into four cases of potential criminal conduct.[240][241] The Swiss prosecutor has said that money had been deposited into Swiss bank accounts of former Malaysian public officials and current and former officials of United Arab Emirates.[242][243][244] Swiss Financial Market Supervisory Authority (Finma) has begun investigations into several Swiss banks as part of the money laundering probe involving 1MDB.[245][246][247]

On 15 March 2018, the Swiss parliament rejected a motion to return seized monies from their investigations into 1MDB to the Malaysian people, as had been lobbied for by Swiss politicians and non-governmental bodies.[248] However, on 10 July 2018, Swiss Attorney General Michael Lauber indicated that Switzerland would not enrich itself by keeping illicit or stolen assets and be able to have the monies returned by legal obligations.[249]

UAE[edit]

The United Arab Emirates has issued travel bans and frozen bank accounts of former Abu Dhabi sovereign-wealth fund International Petroleum Investment Company's employees Khadem al-Qubaisi and Mohammed Badawy Al Husseiny who had close connections to 1MDB, and may have used the British Virgin Islands-based Aabar Investments PJS to funnel money from 1MDB into various accounts and companies around the world.[250][251]

United Kingdom[edit]

United Kingdom's Serious Fraud Office has begun investigations into money laundering involving 1MDB after it was highlighted by Clare Rewcastle Brown and Sarawak Report.[252][253] The United Kingdom's investigation is focusing on the transfer of money from 1MDB funds in Malaysia to Switzerland as it involved Royal Bank of Scotland's branch in Zurich.[254][255]

United States of America[edit]

The FBI in the United States began investigations regarding money laundering involving 1MDB.[256][257][258] The international corruption unit of the US Department of Justice (DOJ) began a probe into property purchases in the United States involving Najib Razak's stepson Riza Aziz and the transfer of millions of dollars into Najib Razak's personal account.[259][260] The probe was looking at properties purchased by shell companies belonging to Riza Aziz and close family friend Jho Low.[261][262] Investment banks such as JPMorgan Chase & Co., Deutsche Bank AG and Wells Fargo were asked by the DOJ to retain and turn over records that might be related to improper transfers from 1MDB.[263][264][265] The FBI issued subpoenas to several past and present employees of film production company Red Granite Pictures, co-founded by Najib Razak's stepson Riza Aziz, also its chairman, in regards to allegations that US$155 million was diverted from 1MDB to help finance the 2013 film The Wolf of Wall Street.[266][267][268][269]

Also under scrutiny by the FBI and DOJ was the role of global investment bank Goldman Sachs in alleged money laundering and corruption.[270][271][272] The FBI probed the connection between Razak and a regional top executive of Goldman Sachs, and the nature of the latter's involvement in multibillion-dollar deals with 1MDB.[273] Tim Leissner, the former chairman of Goldman Sachs' Southeast Asia branch and husband of Kimora Lee Leissner, was issued a subpoena by the DOJ as part of their investigations.[274][275][276] In the July 2016 DOJ civil lawsuit,[277] a high-ranking government official having control over 1MDB, who was referred to more than 30 times as "Malaysian Official 1" ("MO1"), was alleged to have received around US$ 681 million (RM 2.8 billion) of stolen 1MDB money via Falcon Bank in Singapore on 21 and 25 March 2013, of which US$ 650 million (RM 2.0 billion) was sent back to Falcon Bank on 30 August 2013.[278] In September 2016, Najib Razak was identified as "MO1" by Datuk Abdul Rahman Dahlan, then Minister in the Prime Minister's Department.[279][280] The wife of "MO1", Rosmah Mansor, was also alleged to have received US$30 million worth of jewels financed from pilfered 1MDB funds.[281]

In June 2017, the DOJ began actions to recover more than US$1 billion from people close to Najib and 1MDB,[282][283][284][285] seizing assets including high-end properties in Beverly Hills, Los Angeles, Manhattan, New York City and London,[286][287] as well as fine artwork, a private jet, a luxury yacht and royalties from the film The Wolf of Wall Street and its production company Red Granite Pictures.[288][289][290] On 7 March 2018, in California courts, the producers of the film agreed to pay US$60 million to settle DOJ's claims that they financed the movie with money siphoned from 1MDB.[291] The claims were settled in August 2018, with the settlement stipulating that the payment should not be construed as “an admission of wrongdoing or liability on the part of Red Granite”.[292]

On 1 November 2018, the DOJ announced that two former Goldman Sachs bankers, Tim Leissner and Roger Ng, as well as Malaysian fugitive financier Jho Low, were charged over funds misappropriated from 1MDB and paying bribes to various Malaysian and Abu Dhabi officials. Tim Leissner admitted in a plea that more than US$200 million in proceeds from 1MDB bonds flowed into accounts controlled by him and a relative.[293][294][295] He agreed to forfeit US$ 43.7 million (RM 185 million) and pleaded guilty to conspiring to launder money and violate the Foreign Corrupt Practices Act, while Roger Ng was arrested in Malaysia at the request of DOJ and extradited to the US for prosecution before returning and facing charges in Malaysia.[296][297][298][299][300] According to Roger Ng's lawyers, he was infected with Dengue fever and leptospirosis while in Malaysian jail and lost a significant amount of weight.[301][302]

On 30 November 2018, the DOJ announced that George Higginbotham, a former DOJ employee, pleaded guilty to conspiracy to deceive US banks about the source and purpose of foreign funds for a lobbying campaign against the US investigations into the 1MDB scandal. The DOJ filed a lawsuit to recover more than US$73 million (RM 305 million) in American bank accounts that Higginbotham helped open on behalf of Jho Low to finance the lobbying campaign.[303][304][305] Further in May 2019, the DOJ announced that it had charged Jho Low and former Fugees rapper Pras for conspiring to funnel US$21.6 million from overseas accounts into the 2012 presidential election.[306]

Recovery of 1MDB assets[edit]

Malaysia has so far recovered US$322 million (RM1.3 billion) worth of 1MDB assets since its renewed investigations into the 1MDB scandal after the 14th General Election in May 2018.[307]

Steps have been taken to preserve the value of the assets caught up in the case, including the sale of the Park Lane Hotel in New York in November 2018, a step endorsed by the U.S. DOJ, in accordance with the rule of law and on the basis of no admission of wrongdoing or liability.[308] In stark contrast to this, in August 2018, Malaysian authorities illegally seized one of the assets, a yacht said to be beneficially owned by Low and sold it some eight months later at a significant loss and having incurred huge public expense. A spokesperson for Low noted the U.S. government had no advance knowledge of the seizure and noted the U.S. was willing to cover the cost of the Equanimity’s upkeep while proceedings were pending. The spokesperson said that issues related to the ownership of this asset could have been handled through proceedings in Indonesia and the United States that were underway when the Malaysian government illegally seized the yacht.[309][310]

The recovered funds include the sum of US$126 million from the Equanimity judicially sold to the Genting Group, US$139 million to be returned by the United States after sale of Jho Low's interest in Park Lane Hotel in Manhattan, and US$57 million from a forfeiture settlement of Red Granite Pictures, which has been repatriated to Malaysia after deducting the costs incurred for investigations, seizures and litigation.[307]

Apart from the above, another sum of S$50 million (RM152 million) related to 1MDB has been ordered by the Singapore Courts to be repatriated.[307]

Malaysia has been working with at least six countries to recover about US$4.5 billion worth of assets allegedly stolen from 1MDB, [311] in which US$1.7 billion (RM7 billion) worth of assets have been sought by the DOJ to forfeit.[307]

Timeline[312][313][edit]

2009

July

- 1MDB is founded with Najib Razak as the advisory board chairman.

September

- 1MDB enters into a US$2.5 billion joint venture with private Saudi oil company PetroSaudi International.

2010

May

- 1MDB signs deals with sovereign wealth funds in Qatar and Abu Dhabi, U.A.E. It also jointly undertakes the development of the old airport in Sungai Besi and the project is named Bandar Malaysia.

2012

March

- 1MDB buys Tanjong Energy Holdings for $2.81 billion from tycoon Ananda Krishnan.

- Najib launches the Tun Razak Exchange project.

Between May and October

- US investment bank Goldman Sachs helps 1MDB sell bonds worth $3.5 billion to raise money to buy power assets.

2013

March

- 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.

May 5

- Malaysia's 2013 General Elections is held. Najib's Barisan Nasional coalition wins the simple majority but the opposition coalition Pakatan Rakyat, led by Anwar Ibrahim wins the popular vote.

December

- The movie The Wolf of Wall Street, which stars Leonardo DiCaprio is released. The movie credits Jho Low.

2014

March

- 1MDB is reportedly over $10 billion in debt.

2015

January

- Around 227,000 leaked documents related to the fraud are handed to Sarawak Report editor Clare Rewcastle-Brown, and to the Wall Street Journal. The documents were reportedly leaked by Xavier Andre Justo, a retired Swiss banker, who had previously worked with PetroSaudi.

May 29

- 1MDB gets a US$1 billion injection from Abu Dhabi's International Petroleum Investment Company, which will be used to repay a US$975 million loan to a syndicate of international bank lenders.

June

- Malaysia’s central bank launches an inquiry into 1MDB’s workings.

July 2

- The Wall Street Journal releases a report alleging US$700 million (RM 2.6 billion) of deposits have flowed into Najib's personal bank accounts.

July 4

- Najib denies allegations that the cash was found in his bank accounts.

July 7

- A special task force formed to probe allegations that millions of dollars had been channeled into Najib's bank accounts announces a freeze order for six accounts linked to the case.

July 8

- Police raid the 1MDB office.

July 9

- The Attorney-General's Chambers says that the six accounts which were ordered to be frozen were not linked to Najib, as his accounts with AmBank Islamic had already been closed by then.

July 20

- News website Sarawak Report is blocked by the Malaysian government and an arrest warrant is issued for editor Claire Rewcastle-Brown.

July 28

- Following criticism, Najib performs a cabinet reshuffle. Deputy Prime Minister Muhyiddin Yassin and Rural and Regional Development Minister Shafie Apdal are dropped.

- Attorney General Abdul Ghani Patail is also fired and replaced by Apandi Ali.

August 3

- The MACC announces the task force has completed its investigation. It revealed the $700 million that allegedly went into Najib's accounts were from donations and had nothing to do with 1MDB.

August 17

- Thai authorities hands Justo a three-year jail sentence after he pleaded guilty to stealing information from PetroSaudi International (PSI).

August 29 - 30

- The Bersih 4 rally was held, with thousands joining, including former prime minister Mahathir Mohamad and his wife Siti Hasmah. Mahathir, with other participants urge Najib to resign.

September onwards

- Several countries, including Hong Kong, Australia, Singapore and Switzerland, begin investigating financial firms and banks Najib allegedly used to siphon funds.

October 20

- Thai police give Malaysian counterparts approval to question Justo.

November 25

- 1MDB CEO Shahrol Halmi is questioned by Malaysia's Public Accounts Committee (PAC). He is later called back in on Nov 30 for further questioning.

December 1

- PAC questions 1MDB president Arul Kanda Kandasamy.

December 5

- Najib gives a statement to the MACC on the issue of the almost US$700 million found in his personal bank accounts and on SRC international.

December 31

- MACC submits 1MDB investigation papers to the Attorney General.

2016

January 26

- Attorney General Apandi Ali clears Najib of any wrongdoing, saying in a statement that US$681 million transferred into Najib's account was a "personal donation from the Saudi royal family". "A sum of US$620 million was returned by the Prime Minister to Saudi royal family because it was not utilised," the statement adds.

January 29

- Swiss prosecutors request assistance from Malaysian authorities as they believe around US$4 billion was stolen from Malaysian state-owned companies. "A small portion" of the cash was transferred into Swiss accounts held by former Malaysian officials as well as current and former officials from the United Arab Emirates, the Swiss attorney general's office says in a statement.

February 1

- Singapore's Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) issue a joint statement, saying a "large number" of bank accounts in relation to a probe into 1MDB have been seized.

February 3

- Kedah Menteri Besar Mukhriz Mahathir resigns.

February 7

- Saudi Arabia's Foreign Minister Adel Al-Jubeir says he believes the funds that went into Najib's personal account were not a political donation from the Saudi government, but that they had been part of a business deal.

February 19

- 1MDB says in a statement that a Wall Street Journal report stating that it paid funds into the personal accounts of Najib is an "outright lie".

February 29

- Mahathir announces his departure from UMNO and also his withdrawal of support from Najib.

March 23

- Malaysia central bank governor Zeti Aktar Aziz says Bank Negara has initiated administrative punitive action against 1MDB after it failed to provide documents on its finances abroad.

March 31

- The Wall Street Journal publishes a report claiming that Najib spent lavishly on luxury goods overseas, using funds diverted from 1MDB.

April 2

- 1MDB denies reports that it provided funds to finance the movie The Wolf of Wall Street.

April 5

- Pandan MP Rafizi Ramli is arrested under the Official Secrets Act (OSA) for leaking the Auditor General's 1MDB report.

April 7

- 1MDB's board of directors offer to resign after a report released by the parliamentary Public Accounts Committee said it found the state investment fund's financing and performance "unsatisfactory".

April 9

- PAC chairman Hasan Ariffin says there is no evidence to indicate any wrongdoing or abuse of power by Najib.

April 12

- Swiss authorities expand its investigation into 1MDB to two former officials in charge of Abu Dhabi sovereign funds.

- Singapore's Attorney-General's Chambers receives a request for legal assistance from Switzerland with regard to 1MDB.

April 13

- 1MDB CEO Arul Kanda Kandasamy says the state investment fund could be a victim of fraud - after the Abu Dhabi sovereign fund, the International Petroleum Investment Company, denied receiving payment from 1MDB.

April 19

- Mahathir applies for a court order to freeze Najib's assets.

- 1MDB also says it is working to resolve the dispute with International Petroleum Investment Company.

April 28

- Malaysia's central bank fines 1MDB for "failure to fully comply with directions under the Financial Services Act".

May 24

- The Monetary Authority of Singapore announces it has ordered the closure of Switzerland's BSI Bank in Singapore over "serious breaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff".

May 31

- Malaysia's Ministry of Finance announces the appointment of a new board of directors for 1MDB, succeeding the previous board.

July 11

1MDB agrees to resolve its dispute with International Petroleum Investment Company via the London Court of International Arbitration.

July 21

- United States Attorney General Loretta Lynch announces the filing of civil forfeiture complaints seeking the forfeiture and recovery of more than US$1 billion in assets associated with an alleged international conspiracy to launder funds misappropriated from 1MDB.

August 9

- Justo receives a royal pardon and has his three-year sentence commuted by one third.

October 11

- The Monetary Authority of Singapore orders the Singapore branch of Falcon Bank to cease operations for serious failures in anti-money laundering controls and improper conduct by senior management. MAS also imposes fines on DBS and UBS banks for breaches of its anti-money laundering requirements. This comes after "supervisory examinations by MAS into 1MDB-related fund flows" that took place through the three banks from March 2013 to May 2015, MAS said.

December 2

- MAS fines Standard Chartered Singapore and Coutts & Co for breaches of anti-money laundering requirements that occurred in the context of 1MDB-related fund flows.

2017

March 22

- US authorities plan to file criminal charges against Jho Low, who is suspected to be at the center of the 1MDB scandal, the Wall Street Journal reports.

April 24

- 1MDB reaches a settlement deal with Abu Dhabi's International Petroleum Investment Company.

May 30

- The Monetary Authority of Singapore announces the completion of its two-year review of the banks involved in 1MDB-related transactions known-to-date. It says it has imposed financial penalties on Credit Suisse and United Overseas Bank, issued Prohibition Orders against three individuals and served notice of its intention to impose and same regulatory action on three others.

June 15

- US authorities move to seize another US$540 million in assets, allegedly stolen via 1MDB and used to fund extravagant spending.

June 16

- Filings by the US Justice Department in a civil lawsuit claim that nearly US$30 million of funds stolen from 1MDB was used to buy jewellery for the wife of "Malaysian Official 1".

August 1

- International Petroleum Investment Company gives 1MDB five days to make a US$600 million payment, which it failed to pay on Jul 31. 1MDB says it will make the payment within the month.

August 2

- Najib says 1MDB's failure to make the US$600 million payment to International Petroleum Investment Company was "a technical matter, and not a question of not being able to pay back".

August 11

- 1MDB says it has remitted US$350 million to International Petroleum Investment Company. This comes after Abu Dhabi extended the deadline for 1MDB to make its US$600 million debt repayment, provided at least US$310 million was paid by Aug 12.

August 30

- 1MDB says it has remitted the second tranche due on Aug 31, 2017, in full.

October 23

- Malaysia asks Interpol to try to locate Jho Low for questioning over his suspected involvement in the 1MDB scandal.

November 1

- The Monetary Authority of Singapore issues prohibition orders against two individuals involved in breaches related to 1MDB.

December 19

- The Monetary Authority of Singapore issues more financial bans in its 1MDB investigation.

December 27

- International Petroleum Investment Company says 1MDB has paid the settlement amount in full.

2018

February 28

- Indonesian authorities seize Jho Low's luxury yacht Equanimity, which was linked to the probe, at Bali.

May 9

- Opposition coalition Pakatan Harapan, led by Mahathir, wins in the country's general elections, defeating Najib and his Barisan Nasional coalition.

May 12

- Najib and his wife Rosmah Mansor are barred from leaving Malaysia. He later resigns as UMNO and Barisan Nasional chairman.

May 16-17

- Malaysian police seize luxury items from residences owned by Najib.

May 21

- A special task force that will look into possible criminal conduct of individuals involved in the management of 1MDB has been set up.

May 22

- Najib is questioned by the MACC.

May 24

- Najib is questioned by the MACC for the second time.

- The 1MDB task force convenes a meeting with the FBI and the United States' Department of Justice (DOJ) officials.

June 5

- Rosmah is questioned by the MACC.

June 7

- Malaysian police issue an arrest warrant for Jho Low and former director of SRC International Nik Faisal Ariff Kamil.

June 19

- In an interview with Reuters, Mahathir describes the 1MDB case against Najib is "almost perfect".

June 27

- Police reveal the total amount of items seized at between RM 900 million and RM 1.1 billion (US$ 220 million and US$ 269 million).

June 28

- 1MDB CEO Arul Kanda is fired, two days before the end of his contract.

July 3

- Najib is arrested by the MACC. He is charged with four counts of CBT and abuse of power over RM 42 million transferred into his private account from SRC International the following day.

August 4

- Najib is charged with three additional counts.

August 5

- The Equanimity leaves Bali, where it was seized, to Batam island, before arriving at Port Klang two days later.

September 18

- The book, "Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World" by Tom Wright and Bradley Hope of The Wall Street Journal is published.[314]

September 20

- Najib is further slapped with 25 charges of graft and money laundering over 1MDB-linked transactions amounting to RM2.3 billion.

October 25

- Najib and former Treasury Secretary General Mohd Irwan Serigar Abdullah are slapped with six CBT charges involving RM 6.6 billion worth of government funds.

October 29

- The Equanimity is put up to auction, pending a US $1 million deposit.

December 12

- Najib is charged for reportedly tampering with the 1MDB audit report.

- Arul Kanda is also charged for abetting Najib.

2019

April 3

- Najib's trial on the SRC International begins.

- Equanimity is auctioned off to the Genting group at US$126 million.

May 8

- Attorney General Tommy Thomas says so far Malaysia has recovered US$322 million (RM1.3 billion) worth of 1MDB assets.

July 4

- Red Granite Pictures founder and producer Riza Aziz arrested in Malaysia on money laundering charges.[315]

See also[edit]

- Corruption in Malaysia

- Debt-trap diplomacy

- China–Malaysia relations

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301. ^ "Bloomberg - Are you a robot?". www.bloomberg.com. Retrieved 12 May 2019.

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305. ^ "US Justice official pleads guilty in 1MDB lobbying case".

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Bibliography[edit]

- Brown, Clare Rescastle (2018). The Sarawak Report: The Inside Story of the 1MDB Exposé. Gerak Budaya. p. 496. ISBN .

- Wright, Tom; Hope, Bradley (2018). Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World. Hachette UK. p. 400. ISBN .

External links[edit]

- The Guardian, "1MDB: The inside story of the world’s biggest financial scandal", July 28, 2016.

- Global Witness, "The Real Wolves of Wall Street - The banks, lawyers and auditors at the heart of Malaysia’s biggest corruption scandal (HTML)", March 2018.

- Global Witness, "The Real Wolves of Wall Street - The banks, lawyers and auditors at the heart of Malaysia’s biggest corruption scandal (PDF)", March 2018.

- Bloomberg News, "A Guide to the Worldwide Probes of Malaysia’s 1MDB Fund", 8 March 2018.

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