Cover image via Reuters
It all began when renowned US daily Wall Street Journal (WSJ) published an exclusive report claiming that up to US$700 million (RM2.6 billion) from the controversial 1MDB was transferred into PM Najib Razak's personal accounts in AmBank
Image via The Wall Street Journal
A separate report from London-based whistleblower site Sarawak Report (SR) also alleged the same thing. Citing documents from the ongoing 1MDB investigation, WSJ and SR alleges that billions of ringgit was moved among government gencies, banks, and companies linked to 1MDB before ending up in Najib's personal accounts.
More than a week after the exposé was published, Singapore was unexpectedly drawn into the 1MDB saga when the Singapore Police Force (SPF) issued orders to freeze 2 local accounts linked to 1MDB for alleged money laundering offences on 15 July
The Singapore branch of the Swiss Falcon Private Bank, who has been implicated in the transfer of 1MDB funds in Najib's accounts, said it is co-operating with inquiries.
Meanwhile, the Monetary Authority of Singapore (MAS), the country's central bank, said that it is in contact with financial institutions related to the 1MDB investigation.
Image via Bloomberg
Global investment banking firm Goldman Sachs is said to have had a hard time winning over new clients in Malaysia due to its close relationship with 1MDB, according to a report the Asian Financial Review (AFR)
Image via Brendan McDermid / Reuters
The scandal has not only rattled investors, it has also brought the ringgit to its knees as the worst-performing Asian currency this year, having fallen to RM3.828 against the US dollar – a 16-year low – on 30 July
Image via The Star Online
On the political front, American news magazine TIME highlighted 5 reasons why US President Barack Obama should disassociate himself from Najib after the cabinet reshuffle on 28 July, with the 1MDB scandal at the top of the list
Image via TIME
The other four reasons listed are the imprisonment of opposition leader Datuk Seri Anwar Ibrahim, the push-and-pull of *hudud* implementation, Najib's purported link to Altantuyaa, and the replacement of the Internal Security Act (ISA) with the Prevention of Terrorism Act (POTA). Read the entire article [here](http://time.com/3974380/obama-malaysia-najib-razak-1mdb/).
In his recent visit to Malaysia, British prime minister David Cameron became the first international leader to chastise Najib over allegations of corruption which could threaten to topple the government, and also challenged him over the treatment of Datuk Seri Anwar Ibrahim in prison
Image via Reuters
