January 7, 2017
The Malaysian government is laying the groundwork to shut down 1Malaysia Development Berhad (1MDB), the state investment firm mired in a scandal that has become the most serious blight on Prime Minister Najib Razak’s administration at home and abroad.
Under a plan spearheaded by a high-level government unit called the Budiman committee, the assets of the state development fund will be transferred in the coming months to two companies owned by the Finance Ministry. These valuable assets are two massive plots of land in Kuala Lumpur and one on Penang island.