Economist Podcasts Fund while it lasted: the 1MDB scandal
Apr 3, 2019
In this insightful discussion, Miranda Johnson, the Southeast Asia correspondent for The Economist, uncovers the 1MDB scandal, revealing the chaos that ensued from billions in misappropriated funds linked to Malaysia’s former prime minister. Patrick Fowles, the Business affairs editor, sheds light on corporate scandals plaguing American companies and the waning sense of accountability. The conversation also touches on a Chinese soap opera that humorously challenges traditional familial values, showcasing the cultural shifts within modern society.
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1MDB Scandal Overview
- Najib Razak, former Malaysian Prime Minister, faces trial for alleged involvement in the 1MDB scandal.
- The state-run fund was intended for development projects but billions of dollars disappeared.
Missing Billions
- $4.5 billion disappeared from 1MDB, allegedly used for lavish spending and illicit activities.
- The money flowed through various institutions and shell companies globally.
Najib's Image Shift
- Najib Razak, a political veteran and son of a former prime minister, cultivated a sophisticated image.
- After being ousted, he attempted to rebrand himself as a man of the people through social media and music.