1Malaysia Development Berhad
1Malaysia Development Berhad (1MDB; Malay: [ˈsatu maˈlajʃa dɛˈvɛlɔpmɛn(t) bərˈɦad]) is an insolvent Malaysian strategic development company, wholly owned by the Minister of Finance (Incorporated).
| Formerly | Terengganu Investment Authority |
|---|---|
| Company type | State-owned enterprise |
| Industry | Strategic development |
| Founded | June 25, 2009 |
| Headquarters | Menara IMC, No 8 Jalan Sultan Ismail, Kuala Lumpur, Malaysia |
Key people | Asri Hamidon (Chairman), Jho Low (Consultant) |
| Revenue | Non-disclosed |
| Owner | Minister of Finance (Incorporated) |
| Website | www.1mdb.com.my |
In 2015, the company became the subject of a major international corruption scandal, with evidence pointing to money laundering, fraud, and theft. A lawsuit filed by United States Department of Justice (DOJ), alleged that at least US$3.5 billion has been stolen from Malaysia's 1MDB state-owned fund. US attorney-general Jeff Sessions had described it in an international conference as "kleptocracy at its worst". In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be at US$7.8 billion. The scandal implicated Malaysian prime minister Najib Razak, contributing to the 2018 election loss of his party and his eventual trial and imprisonment.
As of 5 August 2021, in an ongoing effort to fight global kleptocracy, the U.S. Department of Justice recovered and returned a total of US$1.2 billion of 1MDB funds misappropriated within U.S. jurisdiction to the people of Malaysia, joining a list of several countries which have initiated recovery or that have already repatriated smaller recovered amounts.