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Monday, March 20, 2017

SRC International yet to find replacement for Deloitte

Deloitte Malaysia remains the auditor until a new one is appointed, says finance ministry.
PETALING JAYA: Former 1MDB subsidiary, SRC International (SRC), is still looking for an auditor to replace Deloitte Malaysia (Deloitte), says the finance ministry.
The ministry said Deloitte had expressed the intention of quitting but would stay on until SRC appointed a new auditor.
“SRC International is in the process of hiring a new auditor and until this happens, Deloitte remains its auditor.
“At the same time, SRC is committed to getting a new auditor to replace Deloitte,” said the ministry in a written reply to a question from Tony Pua (DAP-Petaling Jaya Utara) in the Dewan Rakyat today.
Pua had asked if Deloitte was still the auditor for SRC, and when the company’s financial statements for 2015 and 2016 would be published.
No answer was provided for his second question.
SRC was established in 2011 to explore international strategic investments in the energy sector.
It was a subsidiary of the state-owned 1MDB until it was moved to be under the purview of the finance ministry headed by Prime Minister Najib Razak.
Last November, Second Finance Minister Johari Abdul Ghani admitted that SRC was in financial difficulty due to problems it had recovering money it had deposited in BSI Bank.
This came after a branch of the Swiss bank in Singapore was shut down for breaching money laundering regulations in a development allegedly linked to 1MDB. FMT

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