An audit report declassified by the Malaysian government sheds new light on a fund riddled with scandal.
The auditor-general uncovered several discrepancies with the 1 Malaysia Development Berhad (1MDB) audit, declassified Tuesday, May 15.
The findings show between 2009 and 2015, several high-dollar investments were made through 1MDB without detailed discussion.
The 1MDB management made high-risk investments that went against the board’s and shareholders’ desires.
The Straits Times news reported the U.S. Department of Justice filed civil lawsuits.
They alleged $4.5 billion had been misappropriated from 1MDB by high-level officials.
The lawsuits seek to seize about $1.7 billion in assets, including a yacht and paintings.
The high-dollar items were allegedly bought with 1MDB funds.