A UNIT of Malaysia’s state-owned investment fund 1Malaysia Development Bhd (1MDB) – which has spurred investigations around the world into deal-making and political patronage under former Prime Minister Datuk Seri Mohd Najib Razak – is seeking bankruptcy protection in the US.
Brazen Sky Ltd, which is fully owned by 1MDB, filed for Chapter 15 in Southern District of Florida court, according to a filing.
The development comes just days after Najib was imprisoned for 12 years, after Malaysia’s top court upheld a 2020 conviction for corruption in relation to 1MDB, from which billions were siphoned. – Bloomberg
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