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1MDB

There are many issues running in Malaysia and one of the hottest and curious issue is 1MDB Malaysia.1MDB stands for 1Malaysia Development Berhad(1MDB).1MDB was created as Terengganu Investment Authority (TIA) which was initiated by the former Menteri Besar Terengganu,Ahmad Said in 2008.Later on 31st July 2009,Minister Of Finance took over TIA and named as 1 Malaysia Development Berhad(1MDB).

    The purpose of 1MDB is to drive strategic initiatives for long-term economic development for the country by forging global partnership and promoting foreign direct investment.1MDB focuses on strategic development projects in the areas of energy,real estate and tourism.However,1MDB became an ongoing political scandal in Malaysia.Back in 2015,our former Prime Minister Najib Razak was accused of channeling over RM2.67 billion.

    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 the The Wall Street Journal,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.


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