1Malaysia Development Berhad
1Malaysia Development Berhad (1MDB) is a Malaysian government-owned investment fund established in 2009. Its primary objective was to drive strategic initiatives for the economic development of Malaysia, focusing on sectors like energy, real estate, and tourism. The fund aimed to attract foreign investment and promote sustainable growth.
However, 1MDB became embroiled in a major financial scandal involving allegations of misappropriation of funds and corruption. Investigations revealed that billions of dollars were allegedly embezzled, leading to legal actions and international scrutiny. The controversy surrounding 1MDB has had significant implications for Malaysia's political landscape and economic reputation.