The report concluded that the 1MDB management did not inform the directors about the joint venture proposal letter dated Aug 28, 2009, or the proposed terms of the joint venture project that were agreed with PetroSaudi.
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Comprising lawmakers from both sides of the aisle, the committee urged authorities to carry out further investigations and take action against any wrongdoing. We will study and act on the report’s recommendations.
The report did scrutinize several overseas transactions that it said were made without 1MDB board approval.
The report, however, did not mention Prime Minister Najib Razak, who was behind the creation of 1MBD in 2009 and has been battling allegations that hundreds of millions of dollars was channeled from the fund into his personal bank accounts. Among the most vocal critics against Najib was Mahathir Mohamed, Malaysia’s longest serving prime minister.
It found that former 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi should be held responsible for the “weaknesses and constraints” faced by the state investment arm.
The parliamentary report said former 1MDB CEO Shahrol Azral Ibrahim Halmi has to take responsibility. The Attorney-General cleared Najib in January of any corruption or criminal offences, saying the $681 million was a gift from a member of Saudi Arabia’s royal family and that most of it was returned.
The findings follow a report by the Journal previous year on how this company was set up to look like Aabar Investments PJS, an Abu Dhabi sovereign-wealth fund with which 1MDB did business.
KUALA LUMPUR, April 7 Malaysian government’s risk exposure if troubled state fund 1MDB fails to pay off its debt was estimated at around 20.31 billion ringgit ($5.2 billion) in October, a parliamentary report said on Thursday.
The fund sold its land and power assets a year ago as part of a restructuring plan and pared down a large share of its debt.
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The Prime Minister said he instructed the Cabinet in March 2015 to ask the Auditor-General to conduct an independent investigation into 1MDB’s financial accounts following the multiple grave allegations made against 1MDB, such as Dr Mahathir’s claim that RM42 billion had gone missing.
