A Guide to the Worldwide Probes of Malaysia’s 1MDB Fund

Malaysia’s state-owned investment fund, 1MDB, was supposed to attract foreign investment. Instead, it has spurred criminal and regulatory investigations around the world that have cast an unflattering spotlight on financial deal-making, election spending and political patronage under Prime Minister Najib Razak. A Malaysian parliamentary committee identified at least $4.2 billion in irregular transactions. In the first general election after the scandal unfolded, Najib was ousted from power in May, ending his party’s 61 years of rule.

On the campaign trail, opposition leader Mahathir Mohamad lambasted Najib as a “thief.” Within days of becoming prime minister, the 92-year-old Mahathir barred Najib from leaving Malaysia and said he’d reopen a graft probe targeting 1MDB. He said he was replacing the attorney-general who had cleared Najib and instructed the auditor-general to declassify a 1MDB report that was protected by the Official Secrets Act. “If the law says Najib has done something wrong, then he will have to pay the consequences,” Mahathir said.