1Malaysia Development Berhad
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| Government-owned Company | |
| Industry | Strategic Development |
| Founded | 2009 |
| Headquarters | Kuala Lumpur, Malaysia |
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Key people
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Najib Razak (Chairman, Board of Advisors) Lodin Wok Kamaruddin (Chairman, Board of Directors) Arul Kanda (President & Group ED) |
| Revenue | Non-disclosed |
| Owner | Government of Malaysia |
| Website | www |
1Malaysia Development Berhad (1MDB) is a strategic development company, wholly owned by the Government of Malaysia. 1MDB was established to drive strategic initiatives for long-term economic development for the country by forging global partnerships and promoting foreign direct investment. 1MDB is currently involved several high-profile projects such as the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia and the acquisition of three Independent Power Producers.
In 2015, allegations were made in several newspapers, including the Wall Street Journal, that the organisation had been used to siphon state funds into the accounts of Prime Minister Najib Razak, and people associated with him.
1MDB began as Terengganu Investment Authority (TIA), a sovereign wealth fund aimed at ensuring economic development for the state of Terengganu that is long term and sustainable while safeguarding the economic well-being of the people of Terengganu.
TIA was established in 2008, and was renamed 1Malaysia Development Berhad on January 2009. In his announcement on 22 July 2009, Prime Minister Najib Razak said the decision to expand TIA into a federal entity was made to enable its benefits to reach a broad spectrum of Malaysians rather than to the residents of only one state.
1MDB focuses on strategic development projects in the areas of energy, real estate, tourism and agribusiness.
On 30 September 2009, 1MDB and its strategic partner PetroSaudi International Limited announced the setting up of a US$2.5 billion joint venture company, aimed at spearheading the flow of foreign direct investment from the Middle East into Malaysia.
Following that, on 11 January 2010, 1MDB signed a co-operation framework agreement with the State Grid Corporation of China (SGCC), with the intention to undertake various energy-based projects in the Sarawak Corridor of Renewable Energy (SCORE) and subsequently become major investors in SCORE.
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Wikipedia