Malaysia sets up new 1MDB criminal taskforce

Tuesday, 22 May 2018 00:00 - - {{hitsCtrl.values.hits}}

Kuala Lumpur (Reuters): Malaysia has set up a special taskforce that will look into possible criminal conduct of individuals involved in the management of state fund 1Malaysia Development Berhad (1MDB), the Prime Minister’s office said on Monday.

The taskforce, which will include the anti-graft agency, police and the central bank, will also be responsible for identifying and seizing assets acquired using funds allegedly siphoned from the state fund, which was set up in 2009 by embattled former Prime Minister Najib Razak, whose near 10-year rule ended in electoral defeat on 9 May.

“This taskforce will also be responsible for seeking cooperation of various enforcement agencies in the United States, Switzerland, Singapore, Canada and other related countries,” the office of new Prime Minister Mahathir Mohamad said in a statement.