Malaysian Prime Minister Najib Razak said on Thursday judgment should be withheld until all the facts are known after the U.S. government filed lawsuits seeking to seize $1 billion in assets bought with money stolen from a state fund he oversaw. The U.S. Justice Department lawsuits filed in a federal court on Wednesday did not name Najib, instead referring to “Malaysian Official 1.” Some of the allegations against this official were the same as those in a Malaysian investigation into a $681 million transfer to the premier’s personal bank account.
Tim Leissner was at one time the golden boy of Wall Street titans Goldman Sachs. After working his way from an associate to vice president at JP Morgan, the 45-year-old German jumped ship to Lehman Brothers, a decade before financial giant collapsed under the weight of its worthless asset-backed securities in 2009.
1Malaysia Development Berhad
The starting point of 1Malaysia Development Berhad or 1MDB for short began way back in the year 2008, and it was known at that time as Terengganu Investment Authority (TIA). The name was later on changed to what it is right now, 1MDB, a company owned entirely by the Malaysian Government. One of the main reasons for the establishment of 1MDB in Malaysia was solely to push towards strategic planning along with initiatives for fostering partnerships and to promote foreign direct investment. 1MDB is independently operated and funded by the decisions that are driven by the national economy at its best interest. 1MDB for better understanding, is a huge wealth fund that has only once received RM1 million in equity at the time when the company was just starting out.