State fund 1Malaysia Development Berhad (1MDB) has cleared more than RM3 billion (US$678.96 million) in debt over the past two years, Prime Minister Najib Razak said on Wednesday, amid ongoing money-laundering probes linked to 1MDB in at least six countries.
The sovereign wealth fund, founded by Najib, is at the centre of civil lawsuits filed by the U.S. Department of Justice that allege more than US$3.5 billion was misappropriated from 1MDB. The fund is also being investigated in Switzerland and Singapore.
Najib, who chaired 1MDB’s advisory board until it was dissolved in May 2016, has denied all allegations of corruption.
This article has been summarised, the full original article can be found at channelnewsasia.com
April 02, 2017 at 12:46PM
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