The Intelligence from The Economist One mightily damaging backstory: 1MDB
Jul 29, 2020
Join Miranda Johnson, a Southeast Asia correspondent based in Singapore, and Alice Fullwood, a U.S. finance correspondent in New York, as they unveil the intricate web of the 1MDB scandal. They discuss the dramatic political fallout from Najib Razak's corruption case and the broader implications for Malaysian governance. The conversation shifts to the rise of shadow banks, exploring their increasing influence and the risks associated with them. Additionally, they share insights into the colorful tradition of mushroom foraging in China's Yunnan province.
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Najib Razak's Conviction
- Najib Razak was sentenced to 12 years for corruption in the 1MDB scandal.
- He was convicted on charges of abuse of power, breach of trust, and money laundering.
Misuse of 1MDB Funds
- The 1MDB fund, meant for development, saw $4.5 billion misspent.
- The money was used on lavish items like a yacht, a jet, and a Marlon Brando Oscar.
Wider 1MDB Scandal
- The 1MDB scandal extended beyond Najib Razak, involving figures like Jho Low and Riza Aziz.
- Money was used on art, a yacht, and even funding "The Wolf of Wall Street" film.