Illustrative image (Source: IMoney)
 
Kuala Lumpur (VNA) - Malaysia has set up a special task force to investigate the scandal surrounding the state development fund 1Malaysia Development Berhad (1MDB).

Malaysia’s Prime Minister Office said in a statement on May 21 that the special team will include the anti-corruption agency, police and the central bank.

The team will be jointly headed by former Attorney-General Tan Sri Abdul Gani Patail, former Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Abu Kassim Mohamed, MACC chief commissioner Datuk Seri Mohd Shukri Abdull and former deputy director of the police’s Special Branch Datuk Abdul Hamid Bador.

The team is responsible for carrying out probes, identifying and seizing assets acquired using funds from the state fund.

It is also responsible to seek cooperation from enforcement agencies in the United States, Switzerland, Singapore, Canada and other countries, said the statement.

1MDB is an investment fund formed by former Malaysian PM Najib Razak in 2009 with an aim to serve the country’s socio-economic development.

Former PM Najib was accused of being related to the loss of billions of US dollars in transactions with other countries through the 1MDB.

However, the fund representative and Najib for many times rejected the accusation.

The newly-elected PM Mahathir Mohamad said that he will re-investigate the case and is determined to reclaim the loss.

He said that Malaysia’s debts have mounted to an alarming amount of 1 trillion ringgit (nearly 252 billion USD). He stressed the need for measures to promptly deal with the problem.

When Mahathir was the PM in the past, Malaysia’s debt was just about 300 billion ringgit. Malaysia’s GDP in 2016 reached 296.36 billion USD. The figure was estimated to remain the same in 2017.-VNA