Economist Podcasts One mightily damaging backstory: 1MDB
Jul 29, 2020
In this engaging discussion, Miranda Johnson, Southeast Asia correspondent for The Economist, sheds light on the political upheaval following the 1MDB scandal in Malaysia, including the conviction of former Prime Minister Najib Razak. The podcast highlights the rise of shadow banking in response to shifting regulations and the pandemic's impact on the financial landscape. Additionally, Johnson explores the intriguing world of wild mushroom picking in China's Yunnan province, revealing its economic importance and cultural significance for local communities.
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1MDB Scandal Overview
- Najib Razak, former Malaysian Prime Minister, was sentenced to 12 years for corruption.
- The 1MDB scandal involved $4.5 billion, impacting Malaysian politics and leading to UMNO's 2018 election loss.
Extravagant Spending and Key Figures
- Money from 1MDB funded lavish purchases like art, jewelry, a yacht, and the film "The Wolf of Wall Street."
- Key figures include Jho Low and Najib Razak's stepson, Riza Aziz.
Defense and Skepticism
- Najib Razak claimed ignorance, blaming rogue bankers and Jho Low, but the judge was skeptical.
- The judge questioned Razak's defense of receiving a Saudi donation due to lack of acknowledgement.