1MDB financial scandal has accumulated a mind-boggling RM42 billion in debt by using Public(People) Funds.
1MDB mastermind is said to be Penang-born Low Taek Jho, or popularly known as Jho Low. Through some complex and sweet promises, he tried to con former chief minister of Sarawak, Abdul Taib Mahmud, who had a cash pile of RM2.23 billion in his now-defunct Utama Bank Group, from the sale of RHB Bank to EPF (Employees Provident Fund). In returns, Mr Taib was promised investments from Middle East and various property projects.
PetroSaudi subsequently received US$1 billion in loan from 1MDB in 2010. Jho Low claims the massive loans had been approved by the Malaysian Finance Minister, who happens to be prime minister Najib Razak himself.