Reuters : The 1MDB Scandal Timeline That Led To Najib’s Arrest - The Coverage
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Reuters : The 1MDB Scandal Timeline That Led To Najib’s Arrest

Former Malaysian prime minister Datuk Seri Najib Razak was arrested today, less than two months after losing an election to Tun Dr Mahathir Mohamad.

Najib, 64, will be charged in court tomorrow in relation to a probe into how money went missing from troubled state fund 1Malaysia Development Berhad (1MDB).

It has been a stunning fall for Najib who held on to power for three years despite allegations of massive corruption and misappropriation at 1MDB.

Najib has consistently denied wrongdoing. He told Reuters last month he shouldn’t be blamed for the scandal and that he knew nothing about money from the state fund appearing in his personal account.

Here’s a timeline of developments at 1MDB:

2009

July

Three months after taking over as prime minister, Najib launches the 1MDB sovereign fund to invest in energy, real estate and other industries.

2015

January

1MDB, with debt burdens rising, misses a loan payment of about US$550 million (RM2.2 billion).

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March

Malaysia forms special taskforce — including officials from central bank, police, anti-grant agency and the attorney general’s chambers — to look into 1MDB.

July

The Wall Street Journal reports nearly US$700 million of 1MDB money went into Najib’s personal bank account.

August

Malaysia’s anti-graft agency says the money deposited into Najib’s account was a donation, not from 1MDB.

Swiss authorities open criminal proceedings linked to 1MDB, saying the case involves suspected corruption of public foreign officials, dishonest management of public interests and money laundering.

2016

January

Malaysia’s attorney general clears Najib of any wrongdoing, saying US$681 million in Najib’s account was a donation from a member of the Saudi royal family and that Najib had returned US$620 million in a few months.

April

A Malaysian parliamentary inquiry team slams the board of 1MDB for being irresponsible and urges a probe into its former chief. 1MDB board resigns.

July

The US Department of Justice files civil lawsuits seeking to seize assets bought with money allegedly stolen from 1MDB, saying that over US$3.5 billion was misappropriated from the fund.

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The lawsuits say US$681 million from a 2013 bond sale by 1MDB was transferred to the account of “Malaysian Official 1”, whom US and Malaysian officials later identify as Najib.

2017

March

Red Granite, the company behind the 2013 film, The Wolf of Wall Street, agrees to pay the US government US$60 million to settle a civil lawsuit that sought to seize assets allegedly bought with money stolen from 1MDB.

June

The Justice Department says more than US$4.5 billion was siphoned from 1MDB by high-level fund officials and their associates.

August

US Justice Department says conducting a criminal probe into 1MDB.

December

The US attorney general describes the 1MDB scandal as “kleptocracy at its worst”.

2018

May

Najib unexpectedly loses election to Mahathir, who immediately reopens probe into 1MDB.

Authorities bar Najib and his wife, Rosmah Mansor, from leaving the country. The couple’s houses are subject to police investigations and Najib gives a statement to anti-graft agency.

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June

Prime Minister Dr Mahathir says embezzlement and bribery with government money are among the charges that Malaysia is looking to bring against Najib. He also says investigators have an “almost perfect case” against the former leader.

Police say nearly US$275 million of assets found at properties linked to Najib, including 12,000 pieces of jewellery, more than 500 handbags, more than 400 watches and nearly US$30 million in cash.

Authorities say bank accounts belonging to Najib’s political party frozen as part of 1MDB probe.

July

Authorities say over 400 bank accounts frozen, including those of 81 individuals and 55 companies believed to have received funds from 1MDB.

Authorities arrest Najib. — Reuters

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