Malaysia to Dissolve Najib’s 1MDB Advisory Board Amid Probes
- Malaysia to accept resignation of 1MDB's board of directors
- Hong Kong accounts remain frozen as part of 1MDB probes
Malaysia to Dissolve 1MDB Board Amid Probes
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Malaysia will dissolve the advisory board of 1Malaysia Development Bhd. headed by Prime Minister Najib Razak, amid global probes into alleged money laundering and embezzlement at the state fund.
The announcement comes as Hong Kong bank accounts belonging to several unnamed individuals remain frozen as part of the investigations into 1MDB’s finances, according to people with knowledge of the matter. The troubled fund, which defaulted on a $1.75 billion bond last week, is asking investors to hold off any request for early repayment on its Islamic debt, a person familiar with the matter said.