(July 29): Tan Sri Muhyiddin Yassin has shot down suggestions that he should head the Parliament's Public Accounts Committee (PAC) which is currently probing 1Malaysia Development Berhad's (1MDB) operations.

"I have no intention (to be the PAC chief), I am comfortable where I am now," he told a packed press conference at his residence today.

Four of PAC's current members, including its vocal chairman Datuk Nur Jazlan Mohamed, were appointed as ministers and deputy ministers as part of prime minister Datuk Seri Najib Razak's cabinet reshuffle yesterday.

The former deputy prime minister, who was one of the casualties in the reshuffle, said Parliament would have to decide who will head the PAC and replace the three other members when it reconvenes in October.

Besides Nur Jazlan, three other members, Datuk Seri Reezal Merican and Datuk Mas Ermieyati Samsudin were appointed as deputy ministers while Datuk Wilfred Madius Tangau is made a minister.

Nur Jazlan is the deputy home minister, while Reezal Merican is deputy foreign minister and Mas Ermieyati is the deputy tourism and culture minister. Madius is appointed the science, technology and innovation minister.

All four were sworn in this morning before the Yang di-Pertuan Agong Tuanku Abdul Halim Mu'adzam Shah.

The bi-partisan parliamentary committee currently have 13 members, comprising eight from Barisan Nasional and five from the opposition bench.

Nur Jazlan had said yesterday that all PAC proceedings, including its inquiry into 1MDB is temporarily halted pending the appointment of new members to replace four of them but this was disputed by his deputy, DAP's Kepong MP Dr Tan Seng Giaw, who insisted that the ongoing proceedings can go on as scheduled.

1MDB current and former top executives are set to be present at the PAC inquiry from August 4.

The state investment firm's former CEO Datuk Shahrol Azral Ibrahim Halmi will be the first to face the bi-partisan committee, while president and group executive director Arul Kanda Kandasamy are set to be grilled the next day.

Mohd Hazem Abdul Rahman, who served as 1MDB's CEO from March 2013 to January 2015, will appear before the panel on August 6.

Criticism has been mounting over the state investment vehicle, established in 2009.

Scrutiny has grown more intense following whistleblower site Sarawak Report's recent exposes, which piled pressure on prime minister Datuk Seri Najib Razak and prompted opposition politicians, former and current Umno leaders including long serving former prime minister Tun Dr Mahathir Mohamad and anti-graft bodies to demand a thorough investigation into the fund.

The Auditor-General had submitted a preliminary report to the PAC on July 10, with a full report due by the end of the year.

A special taskforce, meanwhile, is also probing the company's operations.
The strategic fund has come under the public scrutiny mainly because of the whopping RM42 billion debts that it has racked up in the past five years.

1MDB has not been able to generate enough earnings to service its debts. This raises public concerns over some of its debt papers issued with the government’s letter of support – meaning the government is responsible for the fund’s debt repayment should it default.

Consequently, the investment fund is currently stepping up efforts to hive off its assets, namely power generation plants and land, to ease its extremely tight cash flow. – The Malaysian Insider