The 1MDB board of directors have collectively offered to resign following the release of the Public Accounts Committee (PAC) highlighting mismanagement in the state-owned fund.
"The board has successfully steered 1MDB through a uniquely challenging period and trusts that, with the release of the PAC report, a line has been drawn.
"However, given the findings of the PAC report, the board has collectively this morning decided to offer its resignation to MoF (Ministry of Finance) Incorporated, the 100 percent shareholder of 1MDB.
"This has been a difficult decision to take but we believe it is the right thing to do, given the circumstances, in order to facilitate any follow-up investigations as recommended by the PAC," 1MDB said in a statement today.
[More to follow]
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