TIL Malaysia's sovereign wealth fund resulted in the Prime Minister and a UPenn educated businessman stealing all the funds ($12bn USD)

https://en.wikipedia.org/wiki/1Malaysia_Development_Berhad_scandal

cross-posted from: https://feddit.org/post/7637350

Cross-post from Reddit - removed post

111 points · 8 comments · view on lemmy.world

8 Comments

AwesomeLowlander@sh.itjust.works · 25 pts · 1y (1 reply)

We kicked him out of office a few years ago, then prosecuted his ass and jailed him. Happy ending? Not quite. His political party is permanently on the verge of freeing him, and there's a non zero chance he'll be PM again at some point in future. Malaysian politics are a ride.

NateNate60@lemmy.world · 17 pts · 1y

Well, at least you got a bit further than we did in the US with our most recent corrupt head of government.

Gullible@sh.itjust.works · 13 pts · 1y

One of the main embezzlers, and leader of the country, dismissed everyone who tried to investigate him. Only a few years ago was the investigation resumed in earnest.

raoul@lemmy.sdf.org · 8 pts · 1y

These funds were used to purchase [...] and the production of The Wolf of Wall Street and other films.

That's fitting.

singletona@lemmy.world · 8 pts · 1y

Gee I wonder why Trump wants an easily raidable piggybank that has been demonstrated to be raidable by a government's leaders.

ivanafterall@lemmy.world · 6 pts · 1y

I worked at a semi-prominent investment firm and getting in with the sovereign wealth funds was their end-game, too. They were chomping at the bit to cozy up to the Saudis. I believe the Pandora Papers thoroughly confirmed how fucked we've been for a long time, but nobody has come close to doing them justice, and possibly never will. That's the whole point of offshore accounts in countries built to shelter rich people--the secrets are well-guarded, by design.

FlyingSquid@lemmy.world · 6 pts · 1y

This is sounding ominously familiar considering what is going on a hemisphere away right now.

CBYX@feddit.org · 3 pts · 1y

There's also demonstrated links between Malaysia's ex-PM and Trump's white house (attempted bribery to drop US prosecution of him and his family, $100ks spent at Mar a Lago)