The Mastermind Behind the $4 Billion 1MDB Con
It's one of the biggest thefts in history. More than $4 billion from Malaysia's state-owned investment fund was siphoned off and the money spent on items including a private jet, a super-yacht, mansions and even Hollywood movie "The Wolf of Wall Street." The 1MDB corruption scandal toppled the Malaysian government and set off investigations across the globe.
#Malaysia #TheBreakdown #Scandal
--------
Like this video? Subscribe: kzhead.info?sub_...
Become a Quicktake Member for exclusive perks: kzhead.infojoin
QuickTake Originals is Bloomberg's official premium video channel. We bring you insights and analysis from business, science, and technology experts who are shaping our future. We’re home to Hello World, Giant Leap, Storylines, and the series powering CityLab, Bloomberg Businessweek, Bloomberg Green, and much more.
Subscribe for business news, but not as you've known it: exclusive interviews, fascinating profiles, data-driven analysis, and the latest in tech innovation from around the world.
Visit our partner channel QuickTake News for breaking global news and insight in an instant.
This should be a bigger story than it actually is, glad it’s resurfaced again!
Yeah
And the truth is still being hidden, a 20 something nobody is so obviously a fall guy, it was the first thing people asked. Yet no one asks why Malaysia is still paying bankers billions in debt owed due to the scandal.
Plot twist, Nicky Pang is actually a malay woman🤣🤣🤣
@@profearoum who cares if nicky pang is chinese indian arab Pakistan or alien. The fact remains Najib stole Malaysians money. It will be written in the history of the world that Najib son of Tun Razak stole Rakyat's money by the billions.
Yes! Recently two years ago Saudi King prisoned a prince who’s connected to Saudipetro and 1MDB. He wasn’t prisoned for his allegations of being connected to this fraud but to many other corrupt allegations
I love how Goldman Sachs just dumped every faults on its marketing agent. Talking about scapegoat
This is simply a diversion from American and the Middle East, as I'm sure, everyone including America, had its fingers in the pie!!!
I am from malaysia, corruptions existed since the 90s. A nice country with variety of natural resources but managed by a group of greedy elites.
That's the world at large. The US is just as bad. The only difference is our greedy elite own the media and big tech so anyone who questions them is blocked banned and deleted. Like my comment will likely be by YT
Its almost everywhere , China, India, USA to name a few.
Since the 90’s, thts the magic word there. The 90’s
@@francischuks4636 HAHAHAHAHAHAHAHAHAHAHAHAHA
@@francischuks4636 scammer get a life
1 MDB made a movie about the corruption of well street .. Now we need a movie about the 1 MDB corruption
Why wasn't Goodman Sachs not mentioned once in a piece about 1MDB? They helped raise and underwrite the bond deals that continues to funnel money out of Malaysia.
Claire Rewcastle-Brown deserves a Nobel Prize for investigative journalism. She showed the greatest courage at a time when the wickedness seemed insurmountable.
😂🤣🤣 Tbh, your comments was very funny for me.
meanwhile, law abiding citizens struggle to even open a business account..
Appreciate your comment,for further assistance and on b/t/c_E/t/+1^(3)^(8)^(5)^(6)^(4)^(5)^(4)^(6)^(3)^(6)
This piece is not an accurate representation of what actually happened. Goldman Sachs played a huge role in this scandal and was not even mentioned once.
Coming up in part 2, check the end
No financial scandal is complete without Golden Sacks being involved... is their boss still that Bond villain looking bald dude?
@@tomgibson2824 i dont see a part 2 mentioned there
Typical western media behaviour!! Everything is fine if Americans are doing them. For others, the media are paid to slander other national businesses and people. It's unethical to steal money and I am completely fine with media houses uncovering them. Charging docs n the US!! US justice system is a joke. It works differently for different class of people even within US.
It was, towards the end
Its tragic that my country is a victim of the actions of sleezy , corrupted and greedy folks
This needs to be talked about more, I never ever heard of this! Really well-made and informative video!
I'm shocked you never heard of it
Checkout aljazeera for a more depth doc on the subject
Do u live in Malaysia? If you do, then it is sad u didn’t hear about this scam. Even the deaf in Malaysia knew about this story perpetrated by the Bossku himself, family & party faithfuls with friends of UMNO.
The irony of a massive fraud scandal paying for a film about massive fraud is just...wow.
The nerve of these pricks
And make a movie about 1mdb. Movie in a movie in a movie, Inception 3.0
@@its1374 With stolen cash
What’s sad is Malaysia is genuinely one of the most beautiful countries in the world and is spectacular with rare species of plants and animals. It’s a beautiful place with so much culture. And the people deserve better than this corruption
Which culture ur talking brother, islam is already taken over
@@paradevparadev5371 Islam have already been part of the Malay Culture for a loooong time now. It can't be separated. Even if you try its going to be awkward..
@@user-zc2hz3yj2k why will i try to separate islam from malay, but in islam there is no culture thats it
Their politicians should all resign. None of them are fit to govern the people.
Thanks Melody. Wish more can visit us once the virus situation ends.
The book written by Clare Rewcastle-Brown titled The Sarawak Report is a fantastic report on this scandal. Had the fortune of meeting her and getting a signed book. Fantastic Investigative reporting.
It's amazing how easy it is to steal so much money... And nobody even raised an eyebrow when a 26-year-old Jho Low shows up with so much money. How can no one suspect a thing?!
Because of the celerity/money worship culture. "Oh look at him, only 26 but a self made millionaires. No wonder the govt after him cause the lazy bureaucrats are jealous of him" that was probably the popular sentiment and media narrative.
People were suspecting and many eyebrows were raised.
@@zil1832 So true. How low can Jho Lho go?
It's Malaysia, which means Corruption in english
The people he's around are as corrupt and hiding crimes as jho low.🤷 They are all the same
I remember seeing this on dirty money Netflix, I wanted to see more, thanks
The guy is called YOLO what did you expect?!
Appreciate your comment,for further assistance and on b/t/c_E/t/+1^(3)^(8)^(5)^(6)^(4)^(5)^(4)^(6)^(3)^(6)
12:48 Jho Low in his Ferrari is running away with stolen money
In India jholo is slang for scammer You pronounce jholo or jholor or jholaar depending on your dialect 😄
In cantonese, jho low rhymes with the word "run away"
With the permission of jibby. Otherwise nobody dare to steal from malaysia.
12:47 look at the dodgy driving by the Ferrari!
haha I was looking for that comment xD
That's why malaysians are popular on expensive car crash page they're hella reckless with their expensive toy
wait until u see the king of king call MYVI
It was Jho Low
Wow you're here too
All of this was hard earned middle class money. This makes my heart sink.
The best thing is after been sentenced, this fellow is still roaming around freely while the citizens pay through their nose. We don't understand what's law & order. If an ordinary citizen is sentenced to prison, he goes straight from the courts for the holiday. What a country.
Najib has already been convicted and is now spending time in prison. His final appeal at the apex court of the nation has just been dismissed.
Jho Low, where are you. .... Malaysia is waiting for your welcome home return 😁😁😁😁😁
Hiding in China , protected by certain group with his money 😏 our police get block by China to capture him
is he still hiding?
Ok
Protected by ccp china
Protected by ccp china
I belived it to be a joke at first: "Jho Low, known as a massive spender of all sorts", in other words, Mr. YOLO liked to live his life to the fullest.
Spending the money of the people isnt “living his life to the fullest.”
Jho Low more likely lay low.
Already sentenced as guilty and yet still walking around like a boss while still being a member of parliament. This country is a joke.
I remember this story. It's amazing how they pull these things off
If it wasn’t for the election it probably would still be hidden
Yeah. Shady people. This is why we need honest journalists. The rest of us are too busy.
I'm Malaysian, and it's really not that impressive imo. It was done extremely callously and they only almost got away with it by playing up religious sentiments and Najib being a pseudo-dictator, firing people in power for questioning him and having his party pass Putin-inspired legislation to dissuade dissidents. People in my country vote OVERWHELMINGLY based on race instead of things that ACTUALLY MATTER, such as qualification or integrity, so it's important to note that his party has never lost a single election since our independence. Not. A. Single. Election. Until the next elections came up, and he actually ran for re-election, as he had no choice since any other person in the position would undoubtedly throw him under the bus. He lost because he could not satisfactorily address the allegations, and the opposition coalition that has no race-based parties won.
Amazing but still a devastating crime. Our energy industry such as petroleum, palm oil and coal soon will sum up, we will go bankcrupt with this leaders still around this time
Yeah
The irony is how a film about laundering was funded by launderers themselves. Imagine making a movie about that.
When an American bank say, "We're such horrible criminals, we agree to pay back 2.9 billion dollars that we stole, and the American government says, "That's cool, carry on. No harm no foul. We immediately trust you again."
Thanks for your review we're currently offline W.H.A.T.S.A.P.P:::::ME instant reply and correspondence +1^(3)^(8)^(5)^(6)^(4)^(5)^(4)^(6)^(3)^(6)
To be fair, american banks didn't steal it from you, your government did, and then hid it in US.
Goldman Sachs thanks you for not mentioning them
Thats what im saying. This is nothing compare to What US banking cartel has done in 100 years and still going strong
13:42 Part 2 will be about just that, presumably.
Every day the divide between what’s legal and what’s criminal, grows and grows...
Appreciate your comment,for further assistance and on b/t/c_E/t/+1^(3)^(8)^(5)^(6)^(4)^(5)^(4)^(6)^(3)^(6)
I feel like it's shrinking
can't wait for the next quicktake on this case
The Goldman Sachs is going to be fun!
"When all that money is coming to the US and coursing through our system, all this dirty money, it's a major concern..." ROFL, I'm sure it is! 😂
😂
In Germany one guy went to prison for 3 month because he didn’t pay of around 270€ his fee for the state media
Germany is probably a lot less corrupt but not totally clean either. I think in the case of the new Berlin airport there was an incident where someone was literally paid by being handed a suitcase full of cash in an empty parking lot in the middle of the night.
Its the same everywhere for "normal" people. There is a separate mindset, interpretation of law for the elite and millionaores & billionaires
yes they do that often for people who own little amounts of money but when there is big money in game things are just... gone
@@seneca983 Volkswagen emissions corruption...
@@justicewarrior9187 It was a case of fraud but I'm not aware of corruption related to it.
Finally on 23rd August 2022 Najib final appeal to the Federal Court was rejected and he was sent to the Kajang Prison to serve his 12 years sentence and a fine of RM210 million or an additional 5 years jail if he's unable to pay.
Honestly feel like that's not enough considering the harm done to the people of Malaysia
Thanks for bringing this up!
Appreciate your comment,for further assistance and on b/t/c_E/t/+1^(3)^(8)^(5)^(6)^(4)^(5)^(4)^(6)^(3)^(6)
@@francischuks4636 scammer
Malaysia Ohhh Malaysia.. God help us
The Burning Question: WHY is the US Govt now not allowing DS Najib’s lawyers to access the files when a US judge had granted them that right? What are they trying to hide? Also where are the 6 eyewitnesses likely culpable as well in the 1mdb case hiding? Referring to Nik Faisal, Eric Tan, Jasmine Loo, Terrence Geh, Casey Tang and of course Jho Low.
This event was so powerful that it's able to jumpstart the decline of foreign trade in Malaysia since then.
Thanks Bloomberg for making my Country and Sarawak state of Borneo the most famous title in your financial documentary!!!
taib
Very interesting story. Nice coverage
great work
As an Indonesian, I feel sad for our Malaysian brother. I used to feel Indonesia was much MUCH more corrupt than Malaysia, but now I feel Indonesia is a little cleaner and corrupt people on a big enough scale goes to jail every year. While Malaysia feels stagnating in fight against corruption.
If I remember a Malaysia plane crashed with some of the countrys top finance people on board .
In Malaysia, if you know how to play racial/religion card... You'll be hero
Racial and religion come first and corruption is the final thing for the politicians
This scandal alone generated billions of dollar of publicity for Malaysia.
Guess what, Stolen money went into Goldman sachs Lockers.
I love Malaysia. I hope these clowns don’t leave a lasting negative impression on overseas investors.
Sad. Strong economy. Yep.
It wasn't the overseas investors whose money was stolen, was it? It might not be such a huge worry for them.
Until the electorate wakes up, I wouldn't drop a dime there.
@@seneca983 Aren't investors who are paying the taxes, and workers who paying millions of taxes? Suddenly corrupt civil officials laundering the money for own benefits regardless of what citizens are suffering on..
@@goldbrodidoggo I mean, I think the Malay taxpayers are the ones taking the hit, not the investors who bought the bonds, though I'm not sure.
Nice! our country made it to the international headlines again!
@Azlan Hashim u got nothing to debate so u play the racial card? Typical UMNO netizens lol
Crazy stuff. Trust is being harder to give.
I can't wait for the next part!
Had no idea this happened. I hope they can recover as much of this money as possible.
Should have included more info on Goldman's involvement.
I think it will be in part 2
I'm so innocent!! I saw billion and I clicked.
Thanks for your review we're currently offline W.H.A.T.S.A.P.P:::::ME instant reply and correspondence +1^(3)^(8)^(5)^(6)^(4)^(5)^(4)^(6)^(3)^(6)
Thanks for the reminder. People forget easily.
Nobody is going to talk about the Ferrari F430 that almost caused 3 cars to have a massive crash @ 12:50?
Wow, nice catch! It's probably just stock footage they didn't make themselves, but still...
I was thinking the same when I saw it
I didn't notice.. nice catch 🤣
Guy has massive balls to drive like this in a 500k car
@@charmendercaterpie2831 Its 500k for the car but remember dead is dead. A car crash is no joke. So there are no balls just ignorance and stupidity. lots of it. Enough for all of us.
why does no one track the art auctions for financial fraud?
Thanks for your review we're currently offline W.H.A.T.S.A.P.P:::::ME instant reply and correspondence +1^(3)^(8)^(5)^(6)^(4)^(5)^(4)^(6)^(3)^(6)
Whenever one shows off too much wealth, you'll get all kinds of attention, including investigaters. Any cash amount over $10,000 transaction will be reported
For causing so much destruction on the people of Malaysia and the world, the culprits are still not in jail or punished. It is not that these people are smart, but because the system are weak and lacking of cross-verification. With these as the infrastructure, how many more other people are escaping the loopholes without being punished?
No mention of Goldman Sachs’s role in all this ? Sorry, right at the end instead of at the beginning.
Hey, it's Dan Lok!
Thanks for your review we're currently offline W.H.A.T.S.A.P.P:::::ME instant reply and correspondence +1^(3)^(8)^(5)^(6)^(4)^(5)^(4)^(6)^(3)^(6)
12:33 You can hear she's chuckles surprised about malaysian systems. I'd say I agree with her
I wonder what Malaysia is gonna say about this video now. lol I don't live in a country, feels like I live in a comedy.
'BOSSKU' is still walking around freely....amazing!!
who the one that giveaway the munneh in the 1st place
Cash is KING 😂
People like you are why Malaysia is where it is right now. Uneducated but trying to act like you know everything. The reason Najib is still out is because he was given a stay of execution pending an appeal. And no, this is not special treatment given to him - many others have gotten the same treatment too, Anwar most notably. In fact, this practice is done in foreign countries as well. If you have a sharp lawyer, you can argue for this and get it.
@@tiadaid seems like you are the uneducated one, there is no will to throw him in prison. Anwar went to prison several times on dubious evidences. The Malaysian judiciary is a joke. The government is corrupt and behave like mafia, murdered the key witnesses of the affair.
That’s injustice at the core
Great video! Will you be doing anything on the money laundering scandal in British Columbia, Canada?
Thanks...Sarawak Report..
You know it's f**ked up when a Bloomberg Quicktake video is uploaded with your face in the thumbnail.
Come and see the Battersea Power Station development in London, you will see where 'some' of the money has gone.
Appreciate your comment,for further assistance and on b/t/c_E/t/+1^(3)^(8)^(5)^(6)^(4)^(5)^(4)^(6)^(3)^(6)
Thanks for your review we're currently offline W.H.A.T.S.A.P.P:::::ME instant reply and correspondence +1^(3)^(8)^(5)^(6)^(4)^(5)^(4)^(6)^(3)^(6)
I am glad that I was not being defrauded when reading movie reviews.
Appreciate your comment,for further assistance and on b/t/c_E/t/+1^(3)^(8)^(5)^(6)^(4)^(5)^(4)^(6)^(3)^(6)
@@francischuks4636 bot
imdb is scam also which never has accurate point of reviewer
Why is no one investigating Mahathir and his family? That's the biggest mystery of the century.
An insane at work.
so when are we getting the next part to this 😩
Need a movie on this!
Interesting. Look forward to the next instalment whenever that will be.
12:50 Ferrari acting crazy lol 🤣
Bro . .here in your neighbouring country. . In*one*si* is much worse than you can even imagine.
Either he was so smart - or the other parties involved were not so smart and now find an excuse for falling for such an obvious scam.
The other parties involved were the US, Switzerland, UK, UAE, Singapore, Saudi Arabia and many other nations
u got insta
Dudes, his name is YOLO. Somebody should have been suspicious!
This is going to be a series? Yes please!!
Maybe they even pay to get the award for dicaprio..
In other news .... Snow is just frozen water .... So this is happening in the US every day
Appreciate your comment,for further assistance and on b/t/c_E/t/+1^(3)^(8)^(5)^(6)^(4)^(5)^(4)^(6)^(3)^(6)
Spot on mate - the USA is a key facilitator to major fraud the world over...
They all associate with one another and help each other defraud whomever they can victimize...
Thanks for your review we're currently offline W.H.A.T.S.A.P.P:::::ME instant reply and correspondence +1^(3)^(8)^(5)^(6)^(4)^(5)^(4)^(6)^(3)^(6)
Well done
The best thing out of this that is everybody still around and hoping that this can be sweep under the carpet soon....
All complicit.... MO1, Top guns in banks and even central bank who saw it happening and were the rubber stampers and conduits for it all but didn’t act or question it. All should be taken to task and charged accordingly.
Check out the driving at 12:50!
Ferrari weaving 🤣
I cannot imagine Jho Low ever resurfacing after this
Bet he ran away under a new name now with his tail between his legs
He stole billions and could probably hide and live in luxury until the day he die
Jho Low spotted fleeing in his Ferrari at 12:49
👀
I hope Malaysia won't forget about this, just like they shouldn't forget about the Altantuya case. far from over
Appreciate your comment,for further assistance and on b/t/c_E/t/+1^(3)^(8)^(5)^(6)^(4)^(5)^(4)^(6)^(3)^(6)
Already been forgotten, that's just how kind malaysian are.
@@chan_5786 We do not forget, we just move along. As being civilians, our speech does not bring the thief to justice.
Well that was wild
Appreciate your comment,for further assistance and on b/t/c_E/t/+1^(3)^(8)^(5)^(6)^(4)^(5)^(4)^(6)^(3)^(6)
Reason why this doesnt get enough mainstream media coverage is that this is standard practice with politics and investments around the world. They got caught by chance, change in political leadership, brave whistleblowers in Saudi, investigative reporter with sufficient malaysian background with a foreign approach to the investigation and an over the top spending strategy
seriously, after that 5 minute ads, there is another ads?? when will I can see the video for this subject?
4 years down the track... nothing has changed.
Yes...nothing have change....thats bcos the people dont want to change it...
"IMDB", I thought, what has the movie data base done wrong? Oh, 1MDB...
Glad you Brought this up Again
I am a student of Accountancy and Internal Auditing. I realized once the video starts, that it is a recipe for disaster. It is because based on my subject in fraud examination and auditing engagement that one person should not control much power in the corporate or in the government, Moreover, This is common because Occupational fraud the people who have position tend to do more fraudulent activities because they have much opportunity to action their activity. I think my suggestion is that, The company 1MDB should be audited yearly to show transparency to the public, and there should be segregation of duties within.
The accounts was in fact audited only for the first two years since incorporation. The audit work wasnt complete in the third year. Then they change auditor to audit the fourth year accounts. I think the company ceased operation in the sixth year but audit was still subject to backlog. Due to the individuals involved as well as the scale and complexity of the transactions, audit work was complicated and punishment was therefore, not being evaluated and carried out. Both auditors are one of the big 4. I've briefly heard about it years ago in the news.
The 1MDB's annual audited reports amended asking by najib razak who was former Msia's Prime minister.
0:27 "This is different from actual theft of money, or actual theft of money; this is actual theft of money."
This has been going on since the beginning of man. Greed and corruption run hand in hand. Those at the top get first dips!
Soundtrack is phat! Sinnerman.
You guys missed a major detail. Where did 1MDB get their money to invest?
Malaysia taxes and bonds
also goldman sachs
The people of Malaysia
@@papishome3394 coming up in part 2
@@varangianguard4726 thanks. The video made it seem like a public investment fund. Reality it’s a government investment fund.
Content am here for
Appreciate your comment,for further assistance and on b/t/c_E/t/+1^(3)^(8)^(5)^(6)^(4)^(5)^(4)^(6)^(3)^(6)
Malaysia BOLEH!
They should also use Goldman Sachs logo as well because perspective is everything :)
As a Malaysian, I feel deeply saddened and embarrassed to hear my country known globally for this corruption. This is what happens when you give the country to be handled by Barisan Nasional and UMNO