Malaysia recovers 70% of stolen 1MDB funds

Malaysia's 1MDB scandal continues to affect the country's economy. So far, about 70 percent of the stolen US$10 billion from the sovereign wealth fund has been recovered, according to the Malaysian Anti-Corruption Commission (MACC). However, the government still faces challenges in recovering the remaining funds. Legal and financial issues are making it difficult, and repayments related to 1MDB will burden Malaysia until 2039. The scandal started as a government project to attract investment but turned into one of the biggest financial frauds in history. Instead of promoting economic growth, 1MDB became a vehicle for corruption and money laundering. Around 42 billion ringgit, or US$9.45 billion, was misappropriated. One striking example of the scandal's excesses is the US$250 million yacht, Equanimity, bought for Jho Low. This yacht was seized in Indonesia and sold to help recover the stolen money. The stolen funds were even used to finance the film "The Wolf of Wall Street," directed by Martin Scorsese. Jho Low's spending habits included giving diamond jewelry to celebrity model Miranda Kerr and throwing lavish parties for stars like Paris Hilton. In June 2024, he returned US$100 million worth of artwork and a luxury apartment in Paris as part of an agreement with US authorities. These assets were sold and sent back to Malaysia.