Kuala Lumpur(VNA) - Malaysia has set up a special task force to investigate the scandalsurrounding the state development fund 1Malaysia Development Berhad (1MDB).

Malaysia’s PrimeMinister Office said in a statement on May 21 that the special team will include theanti-corruption agency, police and the central bank.

Theteam will be jointly headed by former Attorney-General Tan Sri Abdul GaniPatail, former Malaysian Anti-Corruption Commission (MACC) chief commissionerTan Sri Abu Kassim Mohamed, MACC chief commissioner Datuk Seri Mohd ShukriAbdull and former deputy director of the police’s Special Branch Datuk AbdulHamid Bador.

The team is responsible for carrying out probes, identifying and seizing assetsacquired using funds from the state fund.

Itis also responsible to seek cooperation from enforcement agencies in the UnitedStates, Switzerland, Singapore, Canada and other countries, said the statement.

1MDBis an investment fund formed by former Malaysian PM Najib Razak in 2009 with anaim to serve the country’s socio-economic development.

FormerPM Najib was accused of being related to the loss of billions of US dollars intransactions with other countries through the 1MDB.

However,the fund representative and Najib for many times rejected the accusation.

Thenewly-elected PM Mahathir Mohamad said that he will re-investigate the case andis determined to reclaim the loss.

Hesaid that Malaysia’s debts have mounted to an alarming amount of 1 trillionringgit (nearly 252 billion USD). He stressed the need for measures to promptlydeal with the problem.

WhenMahathir was the PM in the past, Malaysia’s debt was just about 300 billionringgit. Malaysia’s GDP in 2016 reached 296.36 billion USD. The figure wasestimated to remain the same in 2017.-VNA