1Malaysia Development Berhad scandal
The 1Malaysia Development Berhad scandal or 1MDB scandal is an ongoing political scandal occurring in Malaysia. In 2015, Malaysia's former Prime Minister Najib Razak was accused of channelling over RM 2.67 billion (nearly USD 700 million) from 1Malaysia Development Berhad (1MDB), a government-run strategic development company, to his personal bank accounts. The event triggered widespread criticism among Malaysians, with many calling for Najib Razak's resignation – including Dr. Mahathir Mohamad, one of Najib's predecessors as Prime Minister, who eventually defeated Najib to return to power after the 2018 general election.
Political leader Anwar Ibrahim has openly questioned the credentials of 1MDB. He told Parliament that according to the records held by the companies commission, the company "has no business address and no appointed auditor." According to its publicly filed accounts, 1MDB has nearly RM 42 billion (USD 11.73 billion) in debt. Some of this debt resulted from a $3 billion state-guaranteed 2013 bond issue led by Goldman Sachs, who is believed to have made as much as $300 million in fees from that deal alone, although it disputes this figure. Conference of Rulers in Malaysia has called for the investigations by the government to be completed as soon as possible, saying that the issue is causing a crisis of confidence in Malaysia.
After the 2018 election, the newly elected Prime Minister, Mahathir Mohamad, said there was enough evidence to reopen a probe into the 1MDB scandal. In the months after the election, Malaysian authorities barred Najib Razak from leaving the country, seized a huge haul of cash and valuable items from premises linked to him, and charged him with criminal breach of trust, money laundering and abuse of power, while Jho Low was charged with money laundering. Having filed complaints alleging that more than US$ 4.5 billion was diverted from 1MDB by Jho Low and other conspirators including officials from Malaysia, Saudi Arabia and the United Arab Emirates, the U.S. Department of Justice said it would continue to pursue investigations into 1MDB and looked forward to working with Malaysian authorities.
- 1 Email and newspaper exposés
- 2 Malaysian investigations and actions
- 2.1 Change of auditors and transparency
- 2.2 Debts and rating downgrade
- 2.3 Donation explanation from government
- 2.4 Bank Negara actions
- 2.5 Police reports
- 2.6 Local Lawsuits
- 2.7 Government actions
- 2.8 Ramifications and debt restructuring default
- 2.9 Renewed investigations after 14th general election
- 3 Investigations by foreign law enforcement agencies
- 4 See also
- 5 References
- 6 Bibliography
- 7 External links
Email and newspaper exposés
It was reported by news portal Sarawak Report and British newspaper The Sunday Times, using leaked email correspondences, that Penang-based financier Jho Low, who has ties with Najib's stepson, siphoned out US$700 million from a joint venture deal between 1MDB and PetroSaudi International through Good Star Ltd. An email revealed that Jho Low had the loan approval from Prime Minister Najib for US$1 billion without getting any approval from Bank Negara. Sarawak Report showed minutes of a meeting at 1MDB that CEO Arul Kanda gave out false bank statements pertaining to its subsidiary's accounts at the Singapore branch of BSI Bank. Arul Kanda denied the allegation that he gave false bank statements to Bank Negara.
It was claimed through a report by the Wall Street Journal that 1MDB made overpriced purchases of power assets in Malaysia through Genting Group in 2012. Genting then allegedly donated this money to a foundation controlled by Najib Razak, who used these funds for election campaign purposes during the 2013 general elections. According to a news report quoting 1MDB, the company denied that it overpaid for its energy assets. 1MDB was quoted as saying that their energy acquisitions were made only when the company was convinced of its long-term value.
Further allegations were made by the Wall Street Journal that US$700 million was transferred from 1MDB and deposited in AmBank and Affin Bank accounts under Najib Razak's name. A task force that was tasked to investigate these claims has frozen 6 bank accounts linked to Najib and 1MDB. The Malaysian Anti-Corruption Commission (MACC) subsequently, in August 2015, cleared 1MDB of this allegation. MACC issued a statement saying, among other things, "Results of the investigation have found that the RM2.6bil which was allegedly transferred into the account belonging to Najib Razak came from the contribution of donors, and not from 1MDB".
According to highly placed sources, three of the bank accounts that have been frozen belong to Najib Razak. The Wall Street Journal revealed the bank account details online to rebut denials by Najib Razak and his supporters. Singapore police have frozen two Singapore bank accounts in connection with their own investigation into the alleged financial mismanagement at 1MDB, after reports stated that US$700 million worth of deposits was moved through Falcon Bank in Singapore into Najib Razak's personal accounts in Malaysia. However, 1MDB denied having any knowledge of their accounts being frozen, and said they have not been contacted by any of the foreign investigating authorities.
The Wall Street Journal also reported that 1MDB transferred around $850 million via three transactions in 2014 to a British Virgin Islands-registered company with a name disguising that it was controlled by IPIC, according to wire transfer documents.
The Wall Street Journal (WSJ) released a report stating that 1MDB failed to pay US$1.4 billion to a United Arab Emirates state investment vehicle, International Petroleum Investment Co (IPIC). The money was owed to IPIC after it had guaranteed a US$3.5 billion bond issued by 1MDB to fund its purchase of power plant assets in 2012. The WSJ released another report saying that a further US$993 million was missing that 1MDB was supposed to pay IPIC. 1MDB responded to the WSJ report, saying that the company continues to enjoy a strong business relationship with IPIC, as proven by the execution of a binding term sheet that saw IPIC assume obligation for a US$3.5 billion bond principal and interest, currently held by 1MDB, and followed a US$1 billion cash payment made by IPIC to 1MDB in June. Earlier in October 2015, IPIC reaffirmed their commitment to working with 1MDB and the Malaysian Ministry of Finance.
Another report by the WSJ pointed out that 1MDB, in connection with a United States political fundraiser DuSable Capital Management LLC, signed a joint venture agreement creating a fund, Yurus PE Fund, to develop solar power plants in Malaysia. Six months after the joint venture agreement was signed, 1MDB bought out DuSable's stake of 49% of Yurus for US$69 million before any construction took place. According to bank transfer information, the WSJ revealed that Najib Razak spent close to USD$15 million on clothes, jewellery and a car in places such as the United States, Singapore and Italy using a credit card that was paid from one of several private bank accounts owned by Najib Razak, that 1MDB funds had been diverted to.
Malaysian investigations and actions
Change of auditors and transparency
The RM425 million profit between 25 September 2009 and 31 March 2010 raised many criticisms and controversies on the lack of transparency given to 1MDB's accounts. Tony Pua, DAP Member of Parliament for Petaling Jaya Utara, questioned Najib Razak, 1MDB advisory board chairman, whether the figures were the result of an asset injection into 1MDB by the government such as the transfer of land rights to the company.
During the October 2010 parliamentary session, 1MDB explained that its accounts had been fully audited and signed by KPMG, and closed as of March 31, 2010. Deloitte was involved in the valuation and analysis of the portfolio, while Ernst & Young provided tax advice for 1MDB.
1MDB raised attention by asking for a six-month extension on the annual report meant to be filed in with the CCM by 30 September 2013. In the meantime, the change of three auditors since its inception in 2009 was considered suspicious. It also said that 1MDB had lodged the necessary information, including its registered address, with the Companies Commission of Malaysia as required by the law.
The Sungai Besi airport land transfer took place in June 2011, for development as Bandar Malaysia, a mixed integrated project of commercial, residential and hi-tech green environment. There have been questions by the opposition regarding lack of progress on Bandar Malaysia even after 1MDB raised RM3.5 billion in loans and Islamic bonds to fund the project and take ownership of the land. In April 2013, 1MDB awarded a RM2.1 billion contract to Perbadanan Perwira Harta Malaysia (PPHM), a subsidiary of Lembaga Tabung Angkatan Tentera (LTAT) to develop eight sites for the relocation of Pangkalan Udara Kuala Lumpur, the military base in Sungai Besi. The construction of Bandar Malaysia will be set to commence following the completion of this relocation project. As part of its debt rationalisation plan, on 31 December 2015, 1MDB inked an agreement with a consortium comprising Iskandar Waterfront Holdings and China Railway Engineering Corporation to sell 60% of its stake in Bandar Malaysia Sdn Bhd.
On 7 September 2015, a member of the board of advisors to 1MDB, Abdul Samad Alias, resigned stating that he did so after his many requests for information on 1MDB affairs were ignored. 1MDB subsequently denied receiving repeated requests from Abdul Samad, stating that its President, Arul Kanda, has personally met Abdul Samad in January and March that year to "discuss the company's affairs".
1MDB has not had a proper external accounts audit since 2013, partly as a result of Deloitte Malaysia, their auditors at the start of that period, issuing a statement in July 2016 saying that their audit reports of 1MDB financial statements, dated 28 March 2014 and 5 November 2014 covering financial years 2013 and 2014 respectively, should no longer be relied upon. In early March 2015, with public discontent growing at the perceived lack of financial transparency at 1MDB, the Prime Minister, who is also the Chairman of 1MDB's Board of Advisors, ordered the Auditor General of Malaysia to carry out an audit of 1MDB. However, on completion of the audit, the final report was classified as an Official Secret and only made available to the Public Accounts Committee (PAC) tasked to investigate improprieties at 1MDB. Purported copies of the report have however surfaced on the internet.
In May 2018, after the formation of the new Cabinet following Pakatan Harapan's victory in the General Elections, Finance Minister Lim Guan Eng ordered the appointment of PricewaterhouseCoopers (PwC) to conduct a special position audit and review of 1MDB.
Debts and rating downgrade
It was reported that 1MDB has accumulated debts of nearly RM42 billion. Further alleged financial challenges caused 1MDB bonds to trade at a record low in early 2015. It was reported that the Malaysian cabinet had rejected a RM3 billion cash injection for 1MDB, narrowing its options to pay off its debts on time.
Donation explanation from government
On 3 August 2015, the Malaysian Anti-Corruption Commission stated that the RM 2.6 billion that had been banked into Najib's personal account came from donors, not 1MDB, but did not elaborate on who the donors were or why the funds were transferred, nor why this explanation had taken so long to emerge since the allegations were first made on 2 July 2015. UMNO Kuantan division chief Wan Adnan Wan Mamat later claimed that the RM 2.6 billion was from Saudi Arabia as thanks for fighting ISIS. He further claimed that the Muslim community in the Philippines as well as southern Thailand had also received similar donations, and that since the donations were made to Najib personally as opposed to UMNO, the funds were deposited into Najib's personal accounts.
Saudi Foreign Minister Adel al-Jubeir said he was aware of the donation, and said that it was a genuine donation with nothing expected in return. Attorney-general Mohamad Apandi Ali has said that the donation was from one of the sons of the late Saudi King Abdullah, namely Turki bin Abdullah Al Saud. In an interview with ABC News, Wall Street Journal finance editor Ken Brown stated that the money did not come from the Saudis and they had evidence that it came from companies related to 1MDB.
Bank Negara actions
Using the premise that 1MDB used inaccurate or incomplete disclosure of information, Bank Negara has revoked permissions earlier granted to 1MDB for investments abroad totalling US$1.83 billion. Bank Negara has called for the Attorney General to begin criminal prosecution of 1MDB after completing their own investigations of 1MDB. 1MDB has stated that they are unable to repatriate the US1.83 billion demanded by Bank Negara because the funds have been spent. Bank Negara Governor Zeti Akhtar Aziz later retired and was replaced with Muhammad bin Ibrahim on 1 May 2016.
The scandal took a dramatic twist on 28 August 2015 when a member of Najib Razak's own UMNO party filed a civil suit against him alleging a breach of duties as trustee and that he defrauded party members by failing to disclose receipt of the donated funds, and account for their use. This suit was filed in the Kuala Lumpur High Court and also named party executive secretary Abdul Rauf Yusof. Expressing fear that Najib Razak would wield influence to remove any member of UMNO "for the sole purpose of avoiding liability", the court was also being moved for an injunction to restrain UMNO, its Supreme Council, state liaison body, divisions and branches from removing the nominal plaintiff as a party member pending the determination of the suit. The plaintiff is also seeking a repayment amounting to US$650 million, the amount allegedly deposited by Najib Razak to a Singapore bank, an account of all monies that he had received in the form of donations, details of all monies in an AmPrivate Banking Account (No. 2112022009694), allegedly belonging to Najib Razak, along with damages, costs, and other reliefs. One of the UMNO representatives, Anina Saadudin, who filed the lawsuit, was immediately expelled from the party.
Another UMNO member, Khairuddin Abu Hassan, and his lawyer Matthias Chang, has submitted evidence on the 1MDB scandal to the Swiss attorney general for investigation into whether any Swiss banks had done business with 1MDB Khairuddin also lodged a police report in Hong Kong against Najib Razak and Jho Low, pertaining to three companies: Alliance Assets International, Cityfield Enterprises, Bartingale International and Wonder Quest Investment, which had purported dealings with 1MDB. Khairuddin and Matthias were barred from leaving Malaysia after confirmation from immigration officials who were under orders by the police to prevent them from leaving. Khairuddin and Matthias were charged under the Security Offenses Act (SOSMA) under the pretext of sabotaging Malaysia's banking and financial sector.
The opposition People's Justice Party (PKR) has filed a lawsuit against Najib Razak, Tengku Adnan Tengku Mansor, 1MDB and the Election Commission accusing them of violating election laws on campaign expenses, using funds from 1MDB. However, the Malaysian High Court threw out the suit, stating PKR had no legal standing to bring the suit against Najib and 1MDB.
Following criticisms of the 1MDB issue, deputy Prime Minister Muhyiddin Yassin was removed from office and his position was given to Ahmad Zahid Hamidi, who is the current Home Minister. Also removed from office was Rural and Regional Development Minister Shafie Apdal who was also critical of the 1MDB issue.
The attorney general Abdul Gani Patail, who was heading a multi-agency task force investigating claims of misappropriations of funds allegedly involving Najib Razak and 1MDB, was removed from his position and his post was given to Mohamed Apandi Ali, a former Federal Court judge. Furthermore, the Public Action Committee that was investigating the purported losses in 1MDB was indefinitely postponed due to four of its members being given positions in Najib Razak's cabinet, namely the PAC chairman Nur Jazlan Mohamed, Reezal Merican Naina Merican, Wilfred Madius Tangau and Mas Ermieyati Samsudin.
The news publications The Edge Malaysia and The Edge Financial Daily were suspended for three months in July for allegedly publishing false reports on the 1MDB issue by the Malaysian Home Ministry. The website Sarawak Report was also blocked by Malaysian Communications and Multimedia Commission, which regulates Internet services in Malaysia. The Malaysian police have issued an arrest warrant for Clare Rewcastle Brown, who manages the Sarawak Report website, giving the reason that she was involved in activities detrimental to parliamentary democracy and disseminating false reports about Najib Razak.
The police also arrested UMNO member Khairuddin Abu Hassan after he lodged police reports in London, Singapore, France and Hong Kong regarding financial improprieties regarding 1MDB. According to his lawyer, Khairuddin was going to the United States to meet with the Federal Bureau of Investigation to urge them to probe 1MDB over money laundering. However, the FBI's New York City office confirmed to the WSJ that no agent had arranged to meet Khairuddin or had any previous contact with him.
Former Kedah Menteri Besar Mukhriz Mahathir resigned from his post on 3 February 2016, saying he did so because he was told by Najib Razak that he was in the wrong in criticising Najib Razak and 1MDB.
Opposition member of parliament Rafizi Ramli was arrested and charged under the Official Secrets Act by police and government for leaking information about the Auditor General's report on 1MDB.
The Home Ministry has stated that they and Interpol have been unsuccessful in locating the following individuals linked to 1MDB to help in facilitating their investigations into 1MDB: business tycoon Jho Low, 1MDB’s former senior executives Casey Tang Keng Chee and Jasmine Loo Ai Swan, SRC International managing director Nik Faisal Ariff Kamil, and Deutsche Bank country manager Yusof Annuar Yaacob.
Currently, Medium.com, a popular platform offering amateurs and professionals a simple way to publish their articles, is also blocked by Malaysian Communications and Multimedia Commission (MCMC), over a single article posted by Sarawak Report. Another website, Asia Sentinel, was blocked by the MCMC after carrying a Sarawak Report article related to the MACC completing a probe and having alleged 37 charges drawn up against Najib Razak involving 1MDB. Another Malaysian news website, The Malaysian Insider, was blocked and its journalists investigated for carrying a report saying that the MACC had found enough evidence in investigations into Najib Razak to charge him for corruption.
Ramifications and debt restructuring default
The Malaysian Public Accounts Committee (PAC) inquiry into 1MDB revealed that the management of the fund acted without the board's approval and misled auditors several times, calling for the police to investigate its former manager. The PAC also found that the board of directors in which Najib Razak was the chairman failed in giving proper oversight of the fund's finances. The 1MDB board of directors immediately submitted their resignations after the PAC findings were made public. The PAC report stated that USD3.5 billion was paid to a company, Aabar Investments PJS, but IPIC released a statement that neither it or its subsidiary Aabar Investments PJS have any links to a British Virgin Islands-incorporated firm Aabar BVI or received any money from that BVI firm.
International Petroleum Investment Company made an announcement in a filing in the London Stock Exchange that 1MDB failed to make a USD $1.1 billion payment as part of its debt restructuring agreement, and that the debt deal between the two companies has been terminated.
Renewed investigations after 14th general election
After the 14th Malaysian general election (GE14) on 9 May 2018 which marked a historic defeat for the Barisan Nasional coalition led by Najib Razak, Pakatan Harapan formed a new government led by Prime Minister Mahathir Mohamad. The government set up a special task force headed by former Attorney General Tan Sri Abdul Gani Patail to renew investigations into the 1MDB scandal.
The government barred Najib Razak from leaving the country, and the police seized cash and valuable items amounting to between RM 900 million and RM 1.1 billion from residential units linked to Najib and his wife Rosmah Mansor. As claimed by the police, this was the biggest seizure in Malaysian history, with the seized items comprising more than 12,000 pieces of jewelry, 423 valuable watches and 567 handbags made up of 37 luxury brands. Najib was subsequently arrested by the MACC. In September 2018, he faced 25 charges relating to abuse of power and money laundering amounting to RM 2.3 billion (US$ 556 million), on top of seven charges with criminal breach of trust and power abuse brought against him in the preceding two months.
On 28 June 2018, two days before the end of his employment contract, 1MDB sacked its President and Chief Executive Officer Arul Kanda on grounds of dereliction of duties.
In August 2018, Malaysian police filed criminal charges against Jho Low and his father Larry Low over money laundering of US$457 million, which was allegedly stolen from 1MDB and most of the cash used for purchasing the superyacht Equanimity. From October 29 through November 28, 2018, the Equanimity was up for auction by investigators (pending a US $1 million deposit).
In December 2018, the Attorney-General Chambers of Malaysia filed criminal charges against subsidiaries of Goldman Sachs, their former employees Tim Leissner and Roger Ng Chong Hwa, former 1MDB employee Jasmine Loo, and Jho Low in connection with 1MDB bond offerings arranged and underwritten by Goldman Sachs in 2012 and 2013. The prosecutors were seeking criminal fines in excess of US$2.7 billion misappropriated from the bonds proceeds, US$600 million in fees received by Goldman Sachs, as well as custodial sentences against the individuals accused.
Investigations by foreign law enforcement agencies
The Australian fund management company Avestra Asset Management, which managed up to 2.32 billion in 1MDB funds, is being liquidated, and is under investigation by the Australian Securities and Investments Commission for reported breaches of the law and potential losses to its members. The Australian High Court has ordered five investment schemes run by Avestra to close down after discovering undisclosed related-party transactions, with 13 potential breaches of corporate law and failure to invest according to the fund's individual mandates.
Indonesia seized the superyacht Equanimity on 28 February 2018 on the island of Bali at the request of the US Department of Justice, as part of a corruption investigation linked to the 1MDB scandal. The Indonesian government returned the yacht to Malaysia in August 2018, following the activation of the Mutual Legal Assistance Treaties between Indonesia, the United States and Malaysia.
State prosecutors in Luxembourg have also started money laundering investigations concerning 1MDB as it involved transfers of several hundred million dollars to an offshore company involving a bank account from Luxembourg. The bank in question is a private bank of the Edmond de Rothschild Group which manages money on behalf of wealthy clients.
The Seychelles's Financial Intelligence Unit is helping an international investigation into the troubled state fund 1MDB, by providing detailed information relating to offshore entities registered in Seychelles that are related to the international investigation.
In Singapore, the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department have seized a number of bank accounts in Singapore for possible money-laundering offences related to investigations into alleged financial mismanagement at 1MDB. One of the bank accounts frozen belonged to Yak Yew Chee, who was the relationship manager for 1MDB Global Investments Ltd, Aabar Investment PJS Limited and SRC International and Low Taek Jho. Singaporean Yeo Jiawei, an ex-BSI banker, has been charged with money laundering and cheating offences as part of the Singapore probe into 1MDB, and Yeo's dealings with firms linked to 1MDB, Brazen Sky Ltd. and Bridge Partners Investment Management. A second individual, Kelvin Ang Wee Keng, was charged with corruption in connection with the Singaporean investigation into 1MDB.
According to a joint statement from the Attorney General's Chambers and the Monetary Authority of Singapore, assets totalling S$240 million have been seized during their investigations into 1MDB. Of the bank accounts and properties seized were S$120 million belonging to Jho Low and his family.
In March 2017, MAS issued a 10-year prohibition order against former Goldman Sachs banker Tim Leissner for making false statements on behalf of his bank without its knowledge. The prohibition order, which prevents him from performing any regulated activity under the Securities and Futures Act and from managing any capital market services firm in Singapore, was extended in December 2018 from 10 years to lifetime after he admitted to charges related to an investigation into the 1MDB scandal.
In September 2018, the Singapore State Courts granted the return of 1MDB monies with a total value of S$15.3 million to Malaysia while solicitors for the Malaysian government stated that efforts to recover other unlawfully misappropriated assets were ongoing.
Swiss authorities under the direction of the Office of the Attorney General of Switzerland began to freeze bank accounts amounting to several million US dollars linked to 1MDB. The Swiss attorney general's office said its investigation revealed indications that funds estimated to be US$4 billion may have been misappropriated and said it was looking into four cases of potential criminal conduct. The Swiss prosecutor has said that money had been deposited into Swiss bank accounts of former Malaysian public officials and current and former officials of United Arab Emirates. Swiss Financial Market Supervisory Authority (Finma) has begun investigations into several Swiss banks as part of the money laundering probe involving 1MDB.
On 15 March 2018, the Swiss parliament rejected a motion to return seized monies from their investigations into 1MDB to the Malaysian people, as had been lobbied for by Swiss politicians and non-governmental bodies. However, on 10 July 2018, Swiss Attorney General Michael Lauber indicated that Switzerland would not enrich itself by keeping illicit or stolen assets and be able to have the monies returned by legal obligations.
The United Arab Emirates has issued travel bans and frozen bank accounts of former Abu Dhabi sovereign-wealth fund International Petroleum Investment Company's employees Khadem al-Qubaisi and Mohammed Badawy Al Husseiny who had close connections to 1MDB, and may have used the British Virgin Islands-based Aabar Investments PJS to funnel money from 1MDB into various accounts and companies around the world.
United Kingdom's Serious Fraud Office has begun investigations into money laundering involving 1MDB after it was highlighted by Clare Rewcastle Brown and Sarawak Report. The United Kingdom's investigation is focusing on the transfer of money from 1MDB funds in Malaysia to Switzerland as it involved Royal Bank of Scotland's branch in Zurich.
United States of America
It was reported the FBI in the United States had begun investigations regarding money laundering involving 1MDB. The international corruption unit of the US Department of Justice (DOJ) began a probe looking into property purchases in the United States involving Najib Razak's stepson Riza Aziz and the transfer of millions of dollars into Najib Razak's personal account. The probe was looking at properties purchased by shell companies belonging to Riza Aziz and close family friend Jho Low. Investment banks such as JPMorgan Chase & Co., Deutsche Bank AG and Wells Fargo were asked by the DOJ to retain and turn over records that might be related to improper transfers from 1MDB. The FBI issued subpoenas to several past and present employees of film production company Red Granite Pictures, which has Najib Razak's stepson Riza Aziz as its co-founder and chairman, in regards to allegations that US$155 million was diverted from 1MDB to help financed the 2013 film The Wolf of Wall Street.
Also under scrutiny by the FBI and DOJ was the role of global investment bank Goldman Sachs in allegations of money laundering and corruption. The FBI was probing the connection between Razak and a regional top executive of Goldman Sachs, and the nature of the latter's involvement in multibillion-dollar deals with 1MDB. Tim Leissner, the former chairman of Goldman Sachs' Southeast Asia branch and husband of Kimora Lee Leissner, was issued a subpoena by the DOJ as part of their investigations.
Within the July 2016 DOJ civil lawsuit, a high-ranking government official having control over 1MDB, who was referred to more than 30 times as "Malaysian Official 1" ("MO1"), was alleged to have received around US$ 681 million (RM 2.8 billion) of stolen 1MDB money via Falcon Bank in Singapore on 21 and 25 March 2013, of which US$ 650 million (RM 2.0 billion) was sent back to Falcon Bank on 30 August 2013. In September 2016, Najib Razak was identified as "MO1" by Datuk Abdul Rahman Dahlan, then Minister in the Prime Minister's Department. The wife of "MO1", Rosmah Mansor, was also alleged to have received US$30 million worth of jewels financed from pilfered 1MDB funds.
In June 2017, the DOJ began actions to recover more than US$1 billion from people close to Najib and 1MDB, seizing assets including high-end properties in Beverly Hills, Los Angeles, Manhattan, New York City and London, as well as fine artwork, a private jet, a luxury yacht and royalties from the film The Wolf of Wall Street and its production company Red Granite Pictures. On 7 March 2018, in California courts, the producers of the film agreed to pay US$60 million to settle DOJ's claims that they financed the movie with money siphoned from 1MDB.
On 1 November 2018, the DOJ announced that two former Goldman Sachs bankers, Tim Leissner and Roger Ng, as well as Malaysian fugitive financier Jho Low, were charged over funds misappropriated from 1MDB and paying bribes to various Malaysian and Abu Dhabi officials. Tim Leissner admitted in a plea that more than US$200 million in proceeds from 1MDB bonds flowed into accounts controlled by him and a relative. He agreed to forfeit US$ 43.7 million (RM 185 million) and pleaded guilty to conspiring to launder money and violate the Foreign Corrupt Practices Act, while Roger Ng was arrested in Malaysia at the request of DOJ.
On 30 November 2018, the DOJ announced that George Higginbotham, a former DOJ employee, pleaded guilty to conspiracy to deceive US banks about the source and purpose of foreign funds for a lobbying campaign against the US investigations into the 1MDB scandal. The DOJ filed a lawsuit to recover more than US$ 73 million (RM 305 million) in American bank accounts that Higginbotham helped open on behalf of Jho Low to finance the lobbying campaign.
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- Wright, Tom; Hope, Bradley (2018). Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World. Hachette UK. p. 400. ISBN 9780316436489.
- The Guardian, "1MDB: The inside story of the world’s biggest financial scandal", July 28, 2016.
- Global Witness, "The Real Wolves of Wall Street - The banks, lawyers and auditors at the heart of Malaysia’s biggest corruption scandal (HTML)", March 2018.
- Global Witness, "The Real Wolves of Wall Street - The banks, lawyers and auditors at the heart of Malaysia’s biggest corruption scandal (PDF)", March 2018.
- Bloomberg News, "A Guide to the Worldwide Probes of Malaysia’s 1MDB Fund", 8 March 2018.