What is the Goldman Sachs 1MDB scandal?
According to Goldman’s admissions and court documents, between approximately 2009 and 2014, Goldman conspired with others to violate the FCPA by engaging in a scheme to pay more than $1.6 billion in bribes, directly and indirectly, to foreign officials in Malaysia and Abu Dhabi in order to obtain and retain business …
How much money was stolen from 1MDB?
The U.S. Department of Justice pursued its own investigation into 1MDB, alleging that more than US$4.5 billion was diverted from 1MDB by Jho Low and other conspirators including officials from Malaysia, Saudi Arabia and the United Arab Emirates.
What did 1MDB do?
1MDB was established to drive strategic initiatives for long-term economic development for the country by forging global partnerships and promoting foreign direct investment. 1MDB focuses on strategic development projects in the areas of energy, real estate, tourism and agribusiness.
What happened Najib Razak?
On 28 July 2020, the High Court convicted Najib on all seven counts of abuse of power, money laundering and criminal breach of trust, becoming the first Prime Minister of Malaysia to be convicted of corruption, and was sentenced to 12 years’ imprisonment and fined RM210 million.
What kind of company is Terengganu Sdn.Bhd?
Terengganu Incorporated Sdn. Bhd. (Terengganu Inc) is the strategic investment holding company which manages and monitors all forms of commercial business activities and the State Government’s investments implemented through state agencies.
Who is the ruler of Terengganu in Malaysia?
According to news reports in December 2008 when Najib was not yet the Prime Minister, the proposal for the Terengganu Investment Authority (TIA) was put forward by the then Yang di-Pertuan Agong, Tuanku Mizan Zainal Abidin, who is also the Ruler Terengganu. The state exco endorsed the proposal.
Why is Terengganu the growth engine of Malaysia?
By streamlining the state’s investment portfolio, better economies of scale, creating synergy between companies and concentrating on return of investments, Terengganu Inc aims to be the growth engine for Terengganu in the new millennium for the benefit of the people.
What is the Economic Transformation Plan of Terengganu?
The Terengganu Economic Transformation Plan (TETP) will propel Terengganu towards becoming a high-income state. The TETP focuses on 5 Key Economic Areas with 18 Entry Point Projects (EPP) and 71 Projects.
