Did regulatory slips 'enable' the 1MDB scandal?

WITHIN the span of six years, 1Malaysia Development Bhd's (1MDB) debt had ballooned 10 times to RM50 billion (S$17 billion) and its business deals are now the subject of probes in seven jurisdictions, including Singapore. Could the mammoth scandal around the state-backed fund have been averted?

The answer is "Yes", given the events at the strategic investment firm from the outset, which ought to have set off alarm bells at various government agencies, regulatory authorities and financial institutions.

In fact, had there been vigilance and proper checks and balances in the first place, the 1MDB controversy could well have been nipped in the bud.