1Malaysia Development Berhad

Two Coalitions and the State Test · Treatise · 4 min read

Where Did 1MDB First Come From? From Terengganu to Good Star, the First Door

Before the yacht, the paintings and the private accounts, look first at how TIA became a federal company, and how the first USD 1 billion investment split

TIA was established in February 2009 and became 1MDB, owned by the Minister of Finance Incorporated, in September that year. It then formed a joint venture with PetroSaudi; the United States Department of Justice later alleged that USD 700 million went into the Good Star account. The PAC also exposed serious gaps in board information and management control.

Two Coalitions and the State Test · Treatise · 6 min read

1MDB Scandal: Yachts and Masterpieces at the US Press Conference

How a Development Fund Turned into a Transnational Asset Recovery Case and Pushed Mahathir into the Opposition Camp

The Public Accounts Committee had found that 1MDB was overly reliant on debt and suffered from governance failures; the US Department of Justice subsequently filed massive asset recovery lawsuits, alleging funds flowed into luxury real estate, artwork, and movies. The then Prime Minister and Finance Minister, Najib Razak, must bear the highest political responsibility.