News

Malaysia will take legal action against individuals that played a role in defrauding 1Malaysia Development Bhd, according to a governmental official cited by Bloomberg. The U.S. Justice Department last month said that individuals close to Prime Minister Najib Razak funneled at least $3.5 billion out of the state investment fund and into various investments in the United States. More UAE authorities arrested Khadem Al Qubaisi for his alleged role in the multibillion-dollar 1MDB fraud following accusations that the Emirati businessman used money embezzled from the fund to finance the world's fifth-largest yacht, The Wall Street Journal reported, citing unnamed sources....