By Jon Emont.. Malaysia is in political and economic crisis as it has been, now, for many months, due to a huge and still unresolved corruption scandal featuring a mysterious $700 million that was transferred into a bank account belonging to the country’s Prime Minister Najib Razak. The money arrived just before a hotly contested 2013 national election, which saw Najib’s United Malay National Organization (UMNO) triumph by a whisker.
Where this money came from is anyone’s guess. The Wall Street Journal, which first uncovered the scandal, reported that it came from the 1MDB, a Malaysian state development fund, which is now many billions of dollars in debt. Malaysia’s Attorneys General Office, in a recent report, insisted that the money wasn’t looted from a state institution and that the $700 million was actually a gift from the Saudi royal family. Read the full story here