KUALA LUMPUR - 1Malaysia Development Bhd (1MDB) has decided that, as a precautionary measure, its 2013 and 2014 audited financial statements should no longer be relied upon by any party.
The move is pending final and conclusive determination by a court of law of certain alleged facts, as described in the civil forfeiture complaint by the United States Department of Justice (DoJ), 1MDB said.
On July 20, 2016, the Office of the United States Attorney-General announced that the DoJ filed a civil forfeiture complaint against certain entities and individuals and contemporaneously filed related actions seeking the civil forfeiture of certain assets held in the names of these parties.
“Whilst the Board remains confident that no wrongdoing has been committed by 1MDB and that the past audited financial statements continue to show a true and fair view of the company’s affairs at the relevant points in time, the Board has decided that (move) as a precautionary measure,” 1MDB said in a statement today.
1MDB also said that it is committed to finding a new auditor for 1MDB, to replace Deloitte, which has previously notified 1MDB of its intention to resign on Feb 26, 2016.
“Until a new auditor is appointed, Deloitte will remain as auditor on record,” it said.
The Board appreciates the professionalism displayed by Deloitte to date and highlights that Deloitte will continue to audit key subsidiaries of 1MDB, including but not limited to: TRX City Sdn. Bhd. (formerly known as 1MDB Real Estate Sdn Bhd), Bandar Malaysia Sdn Bhd and Edra Bhd, it said.
— Bernama
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