#China Offered to Bail Out Troubled Malaysian Fund at the center of a swelling, multibillion-dollar graft scandal…

Men walk past a 1Malaysia Development Berhad (1MDB) billboard at the fund's flagship Tun Razak Exchange development in Kuala Lumpur, on March 1, 2015. (Olivia Harris/Reuters)

China Deploys Corruption Tactics to Win One Belt, One Road Projects in Malaysia: WSJ

An investigation by the Wall Street Journal (WSJ) published on Jan. 7 revealed that senior Chinese officials in 2016 offered to bail out the heavily-indebted 1MDB, a Malaysian fund founded by former Malaysian prime minister Najib Razak, and tried to exert China’s influence in the United States and other countries to pressure them into dropping their corruption probes into the fund.

China’s bailout offer was negotiated by Malaysian businessman Jho Low at the request of Najib, according to WSJ. At the time, 1MDB could not repay the $13 billion it had borrowed.

Low is now a fugitive hiding in China, Malaysian officials told WSJ. In the United States and Malaysia, he is accused of criminal charges of orchestrating a money-laundering scheme to misappropriate funds taken from 1MDB.

Full story: https://www.theepochtimes.com/china-deploys-corruption-tactics-to-win-one-belt-one-road-projects-in-malaysia

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s