Thursday 28 Mar 2024
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KUALA LUMPUR (June 28): The 1Malaysia Development Bhd (1MDB) inquiry by Securities Commission Malaysia (SC), the Malaysia Anti-Corruption Commission (MACC) and the police faces a myriad of challenges due to the entity's cross-border transactions.

"They (investigators) are facing a lot of challenges as these are cross-border transactions (and) have to comply with proper protocol and laws applicable as requested by the Prime Minister.

"(He) said you have to comply with due process and rule of law, so they are complying with that as said so (by the PM Tun Dr Mahathir Mohamad)," 1MDB investigation committee head Tan Sri Abu Talib Othman told reporters today after being briefed by the investigators.

The RM42 billion debt-laden sovereign fund was set up in 2009 to bring investments into the country but instead allegedly misappropriated up to US$4.5 billion. The funds, transacted through numerous foreign bank accounts, sparked off a series of investigation in seven countries.

Abu Talib said the committee suggested that the investigating teams — the SC, MACC and the police — try to complete the investigations as soon as possible but understood that it is not fair to give them a timeframe due to the complicated transactions.

"It may look simple but it can be complicated as it involves so many parties. Our jurisdiction ensures that there are no overlaps in the investigation. We (have) identified the overlaps but we clarify it. The overlap is with the SC and police. However, we are getting clearer on the investigation," he added.

Abu Talib also said: "We are concerned over the manner the investigation is being conducted. We want to avoid any overlapping investigations. If it happens, it can complicate matters, so we identify the matters for the police, SC and MACC. That's how the investigation is being conducted — in an orderly and effective manner."

The 1MDB investigation committee was set up by the Council of Eminent Persons (CEP) on May 17 to coordinate cross sector investigation to ensure fair and just application of the law.

The CEP also set up a 1MDB special investigation taskforce, which focuses on asset recovery, bringing back the money and asset revenue related to 1MDB, and ensuring criminal action is taken on those involved in the case by using the Malaysian Anti-Corruption Commission (MACC) Act, Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities (AMLA) Act 2001 and the Penal Code.

This team reports directly to the 1MDB investigation committee, which in turn advises the CEP on the progress of investigation.

Earlier, Abu Talib, a former Attorney-General (AG) of Malaysia, and his team met with Federal Commercial Crime Investigation Department director Datuk Seri Amar Singh, and an SC representative, who briefed them about their investigations.

"We are discussing the progress of the investigation on 1MDB, the investment of the money, and to avoid any overlapping inquiry. There was no talk regarding the seizure (from former PM Datuk Seri Najib Razak's properties) and Amar did not submit any documents," he added.

Yesterday, the police revealed that the items seized in relation to the 1MDB investigation from Najib's six properties comprised cash in 26 currencies, 12,000 pieces of jewellery, 284 handbags, 423 watches, and 234 sunglasses costing between RM900 million and RM1.1 billion.

Asked if the committee has seen the investigation papers, Abu Talib said it was not their task to examine the papers but for the AG to look into.

His team comprises Nik Shahrizal Sulaiman — a partner in risk assurance services at PricewaterhouseCoopers Malaysia, Syed Naqiz Shahbuddin Syed Abdul Jabbar — senior partner at Naqiz & Partners, Faris Rabidin — senior adviser of Otoritas Jasa Keuangan Indonesia (the Indonesian financial services authority), and Cynthia Gabriel — founder of the Centre to Combat Corruption and Cronyism.

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