C4 Centre’s New Report on 1MDB Corruption Scandal

Country: Malaysia
May 2, 2017
News

The C4 Centre, an independent Malaysian nonprofit organization that promotes government transparency, recently released their new report entitled, “Understanding Cross-Border Corruption and Money Laundering: the 1MDB Chronicles Exposed.” The report documents a global corruption scandal involving 1Malaysia Development Berhad (1MDB), a Malaysian sovereign wealth fund that received $3.5 billion USD of Abu Dhabi government-funded bonds to purchase power plants. Allegedly, 1MDB “illegally redirected” $1.45 billion USD from the deal into Swiss bank accounts to launder money for individuals involved in the deals. The report includes flowcharts and diagrams showing the transfer of the funds, which implicate a Goldman Sachs official and power plant dealmaker, Low Taek Jho, and the wife of the Malaysian Prime Minister, Rosmah Mansor. Learn more about the scandal in the full report here.