Fallout From 1MDB Scandal Hits Malaysia’s Economy Hardest

Malaysian Prime Minister Najib Razak at a government event, Putrajaya, Malaysia, July 8, 2015 (AP photo by Vincent Thian).
Malaysian Prime Minister Najib Razak at a government event, Putrajaya, Malaysia, July 8, 2015 (AP photo by Vincent Thian).
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Since early July, when The Wall Street Journal and the Sarawak Report, an investigative website, reported that companies linked to the embattled, indebted Malaysian sovereign wealth fund 1MDB had allegedly transferred up to $700 million into the personal accounts of Prime Minister Najib Razak, Malaysia’s normally placid politics have exploded. The allegations came amid an ongoing battle within the ruling coalition between Najib and supporters of longtime former Prime Minister Mahathir Mohamad. On Monday, Mahathir declared in a statement that democracy in Malaysia was dead, “because an elected leader chooses to subvert the institutions of government and make them his […]

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