1MDB today reiterates that it is being audited by an international firm and co-operating with several government bodies tasked to review its financials. – The Malaysian Insider filepic, May 15, 2015.Debt-laden 1Malaysia Development Berhad (1MDB) insisted today its accounts are audited by an international firm, saying it reserves the right to sue those making malicious and slanderous statements against the government-owned strategic investor.
The company broke its silence after senior banker Datuk Seri Nazir Razak yesterday told its board to appoint independent auditors or resign over a RM42 billion debt.
"The Board would like to stress that 1MDB accounts are audited by an international audit firm, Deloitte, " it said in a statement issued in capital Kuala Lumpur tonight.
"The Board takes malicious and slanderous allegations seriously and reserves the right to undertake legal action," it added.
1MDB said the company board and management was now co-operating with the Auditor-General, the police and the Public Accounts Committee, which were reviewing the company's activities and accounts.
"In particular, the Auditor-General is conducting an independent review of 1MDB's accounts, as agreed by the Cabinet of Malaysia. We, therefore, seek the patience and understanding of the public and interested parties to wait for the results of these reviews.
"We request that no one should prejudge the matter without thorough facts ahead of the reviews being made public," it said in the statement, adding it had full confidence in Deloitte and the Auditor-General, as does its 100% shareholder, Minister of Finance Incorporated.
"The Board gives its undertaking that in the event of adverse findings the Board will take all the responsible measures and actions," it said.
The Star today reported Nazir, who is CIMB Group Bhd chairman, telling the media at the Asean Business Club forum in Singapore yesterday that the 1MDB board should be responsible by appointing an independent auditor immediately.
"The immediate check for a responsible board is to appoint an independent (auditor) now… otherwise the board and management, in my view, should resign.
”It is your basic responsibility. There’s a complete mistrust in your financial situation. You have to responsibly deal with that. Instead you sit there and wait for the AG.
“To me, that’s irresponsible. If you do that, then it’s better for you to step down and let someone else come in and take over," Nazir, who is Prime Minister Datuk Seri Najib Razak's younger brother, was quoted as saying.
The National Audit Department on Tuesday said it was carrying out its audit on 1MDB and that the matter was considered top priority.
Auditor-General Tan Sri Ambrin Buang, in a statement, had said the department planned to submit a preliminary report to the PAC latest by the end of next month.
Prime Minister Datuk Seri Najib Razak earlier this year had ordered the audit and told the department to prepare a report for further action and examination by the PAC.
1MDB had said it would comply with the audit.
The PAC, in the meantime, will begin investigation into 1MDB on May 19 by calling treasury secretary-general Tan Sri Irwan Serigar Abdullah to give his statement.
Criticism has been mounting over the wholly-owned Finance Ministry investment vehicle, established in 2009, which has chalked up debts of up to RM42 billion.
It became more intense recently following whistleblower site Sarawak Report's exposés that have piled pressure on Najib and prompted opposition politicians, former Umno leaders and anti-graft bodies to demand a thorough investigation of the fund.
- TMI
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