DAVOS, Switzerland – Malaysian Trade Minister Mustapa Mohamed said his country must get beyond the multibillion-dollar 1MDB scandal that has embroiled top figures in the country’s political class and caused international embarrassment.
Allegations that huge sums were misappropriated from the state backed 1MDB fund have triggered a scandal which has turned on Malaysian Prime Minister Najib Razak, who has denied any wrongdoing.
Malaysia has been seized since 2015 by the scandal, which has sparked investigations in several countries, including Switzerland, Singapore and the United States.
“We’ve learned many lessons and we are moving forward,” Minister Mustapa told AFP on the sidelines of the World Economic Forum in Davos.
“Essentially we have to move on and we have confidence that a number of issues that came to limelight as a result of 1MDB will at some point be behind us,” he said.
The scandal has proven to be an embarrassment to Malaysia and drawn accusations that Malaysia failed in its response to the allegations.
Global investigators from about 10 countries believe that billions of dollars were absconded from 1Malaysia Development Bhd, a development fund set up Najib in 2009.
Billions are believed to have moved through wealth centres overseas in order to buy art, real estate and invest in Hollywood movies.
“We have the authorities to go after those responsible for creating the mess. The law is taking its course,” Mustapa said.