The 1MDB controversy in Malaysia

One of the most controversial issues confronting Malaysia’s ruling political coalition, Barisan Nasional, is the 1Malaysia Development Berhad (1MDB). Technically, the 1MDB is a private corporation wholly-owned by the Ministry of Finance, Malaysia. It was established in 2009 by converting a state sovereign investment fund, the Terengganu Investment Authority, into a federal entity. The 1MDB was assigned the role of a strategic investment company with the mission “to drive sustainable economic development by forging strategic global partnerships and promoting FDI”.