Key facts
- Malaysia expects to lose tens of billions of ringgit from the 1MDB scandal.
- Former Prime Minister Najib Razak is moving to house arrest.
- Najib was convicted of corruption and money laundering tied to SRC International.
Malaysia is projected to lose tens of billions of ringgit due to the 1MDB scandal, despite ongoing efforts to recover assets overseas, according to the nation's second finance minister. The statement comes as former Prime Minister Najib Razak is set to be moved to house arrest. Najib has been serving a prison sentence since 2022 following his conviction for corruption and money laundering offenses connected to SRC International, a former subsidiary of the 1MDB sovereign wealth fund. Najib co-founded 1MDB in 2009 during his tenure as prime minister.