The 1MDB fund is the focus of
investigations in at least five countries amid allegations that billions of
dollars have gone missing to fund political spending and due to corruption by
individuals. In Malaysia
“All these investigations are ongoing, and
we will get answers,” Mr. Najib told The Star newspaper in written replies to
questions.
Mr. Najib, who chairs 1MDB’s board of
advisers and made key investment decisions at the fund, promised that
“wrongdoings will be dealt with in accordance with the law,” according to the
newspaper. Attempts to reach Mr. Najib’s office to confirm the remarks weren't
successful.
The 1MDB fund has denied wrongdoing and
says it will cooperate with investigations.
The prime minister, who set up 1MDB in
2009 to boost the economy, also said that even if the fund fails, “the
financial effects are containable.” He noted that Malaysia
Mr. Najib said 1MDB became saddled with
debt because it borrowed heavily to purchase power plants. The plan was to
raise cash through an initial public offering of these assets on Malaysia
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