1MDB misses deadline to submit accounts again, gets another 6-month extension

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KUALA LUMPUR (April 4): 1Malaysia Development Bhd (1MDB) has received a further six-month extension to submit its financial statements for the year ended March 31, 2015. The Companies Commission of Malaysia (SSM) has now given the debt-laden state fund until Sept 30, 2016 to submit its accounts.

After 1MDB failed to submit the financial statements by Sept 30, 2015 as was required, it sought a six-month extension until March 31, 2016.

But today the state fund said it was "unable to prepare its financial statements for audit pending the return of relevant documents, which were seized during a raid on July 8, 2015".

"Accordingly, SSM has now granted an extension of time until Sept 30, 2016, for 1MDB to hold its AGM (annual general meeting) and approve its audited financial statements for the financial year ended March 31, 2015," said 1MDB.

The same reason — seizure of documents in a raid by a multi-agency task force — was previously cited by 1MDB for missing the original deadline.

In its statement today, 1MDB said it has held AGMs to approve the audited financial statements for TRX City Sdn Bhd (formerly 1MDB Real Estate Sdn Bhd) and Edra Global Energy Bhd.

"The AGMs were held within the previously extended deadline of March 31, 2016 and the audited financial statements have now been filed with the SSM.

"These two companies form the vast majority of assets and represent all of the operating business activities of 1MDB," said the fund.

But it went to say that 1MDB itself was unable to prepare its financial statements for audit, pending the return of the documents that were seized.