Advertisement

Malaysia police raids office of state fund 1MDB

KUALA LUMPUR (Reuters) - Police in Malaysia have raided the office of state-owned fund 1Malaysia Development Bhd , or 1MDB, the force confirmed on Wednesday. The raid, which began in the morning, is reportedly still ongoing. Police vehicles could be seen outside the fund's office in central Kuala Lumpur, with the building cordoned off, according to a Reuters witness. 1MDB said in a statement that there was an official visit to their office by members of a special task force that is investigating the fund. "They were provided with a number of documents and materials to aid with the investigations currently taking place," said 1MDB. 1MDB, whose advisory board is chaired by Prime Minister Najib Razak, has been under investigation by state authorities following allegations of financial mismanagement. Last week, the Wall Street Journal reported that investigators looking into 1MDB had traced nearly $700 million that had gone into bank accounts they believe belonged to the prime minister. Reuters could not independently verify the WSJ report. Najib has denied taking any money from 1MDB or other entities for personal gain. (Reporting By Trinna Leong; Editing by Rachel Armstrong)