![](https://i.imgur.com/CLvY2jA.png")
02-02-2024, 11:05 PM
Najib,70 this year remains popular among grass-roots UMNO supporters, they many folks benefitted from largesse he offered ethnic Malay communities when he was running the country. He managed to solidify support with a slick PR campaign even after he was charged, slogan Bossku (Your Boss).
None of UMNO leaders who replaced him enjoy the same popularity, they needed to be seen to be trying to get him out. Najib's party is not force it was, but it is still one of largest parties in Malaysia & a part of the governing coalition headed by his old nemesis Anwar Ibrahim. It's not surprising then to see its wishes being accommodated.
On 1MDB scandal? -- The 1MDB scheme was a global web of fraud & corruption, in billions of dollars ostensibly raised for development projects, (instead landed into private pockets, Najib's & fugitive financier Jho Low?.) Jho is wanted by authorities, is said to have been mastermind behind the scheme, country's anti-corruption body said.
Case centres around 1 Malaysia Development Berhad (1MDB), a sovereign wealth fund set up in 2009, when Najib was PM. Sovereign wealth funds are govt owned entities are used to boost it country's economic development. Built with state earnings, for EG: revenues from oil resources & exports, it extraordinary flows of cash to invest & potentially enormous international clout.
In 2015, questions raised on 1MBD's activities as it missed payments owed to banks and b
bondholders. Malaysia & US authorities allege about $4.5bn was illicitly plundered from fund is diverted into private pockets, the missing money has been linked to luxury real estate, a private jet, Van Gogh & Monet artworks purchased by Low - and even a Hollywood blockbuster, the Wolf of Wall Street, starring Leonardo DiCaprio.
Last week, US bank Goldman Sachs reached a $3.9bn settlement with Malaysian govt for its role in multi-billion-dollar corruption scheme, the deal resolved charges in Malaysia that bank misled investors when it helped raise $6.5bn for 1MDB.
None of UMNO leaders who replaced him enjoy the same popularity, they needed to be seen to be trying to get him out. Najib's party is not force it was, but it is still one of largest parties in Malaysia & a part of the governing coalition headed by his old nemesis Anwar Ibrahim. It's not surprising then to see its wishes being accommodated.
On 1MDB scandal? -- The 1MDB scheme was a global web of fraud & corruption, in billions of dollars ostensibly raised for development projects, (instead landed into private pockets, Najib's & fugitive financier Jho Low?.) Jho is wanted by authorities, is said to have been mastermind behind the scheme, country's anti-corruption body said.
Case centres around 1 Malaysia Development Berhad (1MDB), a sovereign wealth fund set up in 2009, when Najib was PM. Sovereign wealth funds are govt owned entities are used to boost it country's economic development. Built with state earnings, for EG: revenues from oil resources & exports, it extraordinary flows of cash to invest & potentially enormous international clout.
In 2015, questions raised on 1MBD's activities as it missed payments owed to banks and b
bondholders. Malaysia & US authorities allege about $4.5bn was illicitly plundered from fund is diverted into private pockets, the missing money has been linked to luxury real estate, a private jet, Van Gogh & Monet artworks purchased by Low - and even a Hollywood blockbuster, the Wolf of Wall Street, starring Leonardo DiCaprio.
Last week, US bank Goldman Sachs reached a $3.9bn settlement with Malaysian govt for its role in multi-billion-dollar corruption scheme, the deal resolved charges in Malaysia that bank misled investors when it helped raise $6.5bn for 1MDB.
