1Malaysia Development Berhad (1MDB; ) is an insolvent Malaysian strategic development company, wholly owned by the Minister of Finance (Incorporated).
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1Malaysia Development Berhad (1MDB; ) is an insolvent Malaysian strategic development company, wholly owned by the Minister of Finance (Incorporated).
In 2015, the company became the subject of a major international corruption scandal, with evidence pointing to money laundering, fraud, and theft. A lawsuit filed by United States Department of Justice (DOJ), alleged that at least US$3.5 billion has been stolen from Malaysia's 1MDB state-owned fund. US attorney general Jeff Sessions had described it in an international conference as "kleptocracy at its worst". In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be at US$7.8 billion. The scandal implicated Malaysian prime minister Najib Razak, contributing to the 2018 election loss of his party and his eventual trial and imprisonment.
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