1MDB emerging as a global, not just Malaysian, corruption scandal

UP UNTIL end-October this year, the multi-billion dollar money-laundering scandal involving 1Malaysia Development Berhad (1MDB) that has spanned over five years and is the subject of probes in multiple jurisdictions at its home base and abroad had still seemed largely a Malaysian crisis.

The reach of the case involving the state-backed firm that was set up in 2009 to galvanise foreign investments and economic activity but failed, was wide and brutal in Malaysia and culminated in May this year with the ouster of the long-ruling Barisan Nasional party led by former prime minister Najib Razak. Mr Najib is currently facing multiple charges of graft, abuse of power and criminal breach of trust related to the state-backed firm.

The man at the centre of the alleged corruption and money laundering at 1MDB, Malaysian Low Taek Jho or Jho Low, has been charged by Malaysia and Singapore - and more recently, the United States - but remains at large.