1MALAYSIA Development Bhd bonds rose 17% this week amid new Prime Minister Dr Mahathir Mohamad’s corruption crackdown, reports Bloomberg.

1MDB bonds maturing in 2023 were the worst performer just a week before. But following Dr Mahathir’s announcement of a standalone committee on Thursday to investigate multibillion-dollar losses at 1MDB, they turned into a top performer compared with other quasi-sovereign dollar bond in the developing world, Bloomberg said.

1MDB is the brainchild of former prime minister Najib Razak, who is accused of misappropriating billions of ringgit from the fund in a scandal the US attorney-general dubbed “kleptocracy at its worst”.

Six premises linked to Najib were raided this week as part of the probe into an estimated US$4.5 billion (RM18 billion) missing from the state investor. Police seized luxury handbags, cash and jewellery from the properties.

Najib might be investigated for abuses of power. – May 19, 2018.