Malaysia’s former Prime Minister Najib Razak prays before he attends the United Malays National Organisation (UMNO) 72th anniversary celebrations in Kuala Lumpur, Malaysia May 11, 2018. REUTERS/Stringer
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Malaysia's new government, led by 92-year-old Prime Minister Mahathir Mohamad, has vowed to bring back billions of dollars allegedly stolen from state fund 1Malaysia Development Berhad.In the past three years, the scandal has led to arrests, the shuttering of several banks, and seizures of multimillion dollar assets around the world.The case has dogged Najib since The Wall Street Journal reported in August 2015, that about $700 million in 1MDB funds flowed into his personal account. Najib has denied any wrongdoing.WHAT IS 1MDB?1MDB is a state investment fund founded in 2009 by Najib, who chaired the fund's advisory board until 2016 . A person described in the U.S. lawsuits as "Malaysian Official 1" was said to have received more than $1 billion in 1MDB funds, some of which was used to buy jewelry for the person's wife. U.S. and Malaysian sources have said that "Malaysian Official 1" refers to Najib. Riza and Najib have consistently denied wrongdoing.
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