trusted confidant to the prime minister.
rinsed billions from the people of Malaysia through offshore accounts and shell companies in tax havens such as the Seychelles and British Virgin Islands.
theft of hundreds of millions of dollars from a state-owned Malaysian investment fund known as 1MDB.
“the largest kleptocracy case” in US history.
at least $3.5bn has been stolen from 1MDB.
set up by Malaysia’s prime minister, Najib Razak, in 2009,
promote economic development
stolen money from 1MDB found its way to numerous associates of Najib, who subsequently went on a lavish spending spree across the world.
Najib of receiving $681m in cash from 1MDB
Money from 1MDB, the US also claimed, helped to purchase luxury apartments in Manhattan, mansions in Los Angeles, paintings by Monet, a corporate jet, and even financed a major Hollywood movie.
breaks the alleged theft down into three distinct phases
first $1bn defrauded
“pretence of investing in a joint venture between 1MDB and PetroSaudi”
raised by Goldman Sachs in a bond issue, misappropriated and fraudulently diverted to a Swiss offshore company
$1.3bn, also from money Goldman Sachs raised on the market, which was diverted to a Singapore account.
“Malaysian Official 1”
adviser to Najib