Task force to probe 1MDB scandal

Kuala Lumpur: Malaysia on Monday set up a task force to probe allegations that billions of dollars were looted from sovereign wealth fund 1MDB in an audacious fraud overseen by ousted ex-leader Najib Razak.

New Prime Minister Mahathir Mohamad led a reformist alliance to a shock victory at the May 9 polls over Najib´s coalition, which had governed Malaysia uninterrupted for over six decades. A major reason for their success was public disgust at allegations of endemic corruption among the country´s ruling elite, and in particular an explosive scandal surrounding state fund 1MDB. The fund, 1Malaysia Development Berhad, was set up in 2009 ostensibly to promote the development of the Malaysian economy.