Published: Sep 03, 2024, 05:00 IST | Updated: Sep 03, 2024, 05:00 IST
Gravitas Sep 03, 2024, 05:00 IST
The $ 4.5 Billion Malaysian Scandal
#Gravitas The 1MDB scandal is one of the biggest corruption scandals in the world that continues to leave many across the world stunned. It is a Malaysian state fund, set up in 2009 to push development through foreign investment and partnerships. As per the US justice department’s estimate more than $4.5bn was allegedly stolen as part of this scandal. In the latest development, a Swiss court convicted two executives for embezzling 1.8 billion US dollars from 1MDB. They face years behind bars for their roles in siphoning billions from Malaysia’s national wealth.