The Intelligence from The Economist Fund while it lasted: the 1MDB scandal
Apr 3, 2019
Miranda Johnson, Southeast Asia correspondent for The Economist, delves into the explosive 1MDB scandal involving Malaysia's former prime minister and the staggering loss of billions. She reveals the complex web of corruption that has shaken Malaysia's political landscape and its demands for accountability. The discussion also touches on the alarming increase of corporate scandals in America, exemplified by Purdue Pharma's opioid crisis. Plus, a popular Chinese soap opera sparks debates over filial duty and generational tensions, challenging long-held cultural norms.
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1MDB Scandal Overview
- Najib Razak, former Malaysian Prime Minister, promised political reform but oversaw the 1MDB fund.
- The fund, intended for development, became embroiled in a scandal involving missing billions.
Missing Billions
- Between 2009 and 2015, $4.5 billion disappeared from 1MDB, according to the US Justice Department.
- The money flowed through various institutions and shell companies, funding lavish expenses.
Najib's Charges
- Najib Razak faces multiple trials for money laundering, corruption, and abuse of power related to 1MDB.
- He claims a $600 million sum in his account was a gift from a Saudi royal.