Reminiscing on the early days of 1MDB’s establishment, Bersatu president Muhyiddin Yassin has described the state investment fund as a get-rich-quick scheme for certain individuals.

At a ceramah in Senggerang, Batu Pahat last night, the former deputy prime minister said he thought 1MDB was founded on the same goals as Temasek Holdings, the Singapore state-owned enterprise that now holds S$275 billion (RM816 billion) in assets.

“I though his (Prime Minister Najib Abdul Razak’s) intent was good. Malaysia has a lot of wealth that would be used to create more wealth.

“Temasek Holdings was founded during (late Singapore former prime minister) Lee Kuan Yew’s time, and at the time Singapore had a sizeable reserve. With good management, it was invested in various sectors to generate (returns many times over),” he told an audience of about 300 people...