Five years ago a $4.5bn hole in a development fund scrambled Malaysia’s politics. Now the
inquiry has claimed its first scalp: that of Najib Razak, a former prime minister. We examine the grand shift of business to “
shadow banks”—a more innovative, if less regulated, end of the industry. And we join a
mushroom-picking expedition in China’s Yunnan province. For full access to print, digital and audio editions of
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