PAC Asks Authorities To Investigate 1MDB Ex-CEO, Relevant Officials

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KUALA LUMPUR, April 7 – The Public Accounts Committee (PAC) today asked the authorities to investigate former 1Malaysia Development Bhd (1MDB) chief executive officer Datuk Shahrol Azral Ibrahim Halmi and other relevant officials. In the 1MDB Governance Management Control Report released in the Dewan Rakyat today, the PAC said Shahrol Azral must take responsibility for the government-owned strategic investment company’s weaknesses and shortcomings.

On Nov 25 and Nov 30, 2015, Shahrol Azral was called by PAC to brief and provide it with an explanation. Meanwhile, in a statement also issued today, PAC chairman Datuk Hasan Arifin said it was imperative for the authorities to carry out further investigations and take action should they discover any wrongdoing. PAC, in the report, further recommended for the 1MDB Advisory Board to be abolished.

“Every reference to the Prime Minister should be replaced with ‘Finance Minister’ in accordance with provisions in other Finance Ministry corporations,” according to PAC in its 1MDB Governance Management Control Report issued in the Dewan Rakyat here today.

The report was also uploaded on www.parlimen.gov.my website of Parliament. Article 117 under the 1MDB Memorandum and Articles of Association provides for the appointment and dismissal of its top management. The article also provides for any financial commitment made by 1MDB, including 1MDB investment decisions that can impact federal government guarantees, to have the prime minister’s written approval.

PAC said in the report that 1MDB had on certain occasions failed to abide by the decisions and directives of its Board of Directors or acted without getting prior approval from the board. The report said that the number of investments and sizeable loans were made without indepth study (including on their impact on the company’s cash flow), and other major decisions were made through written resolutions.

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