(May 11): The Public Accounts Committee (PAC) will begin investigation into the troubled 1Malaysia Development Berhad (1MDB) on May 19 by calling the Treasury's secretary-general Tan Sri Irwan Serigar Abdullah to give his statement.

Confirming a report by The Malaysian Insider today, PAC chairman Datuk Nur Jazlan Mohamed said that Economic Planning Unit (EPU) director-general Datuk Seri Dr Rahmat Bivi Abdullah will also be giving his statement to the committee on the same day.

"The PAC, the following week, will also call on 1MDB chief executive officer (CEO) Arul Kanda Kandasamy and his predecessor Datuk Shahrul Ibrahim Halmi, who served the company from March 2009 until March 2013," Nur Jazlan said in a statement today.

He said the PAC members were unanimous in its decision to begin proceedings into the debt-ridden state investment firm, in a special meeting held on April 30.

"During this meeting, all PAC members, including eight parliamentarians from Barisan Nasional and five from the opposition were unanimous in calling for all members involved in the management of 1MDB since it was set up in 2009," Nur Jazlan said.

PAC, the Pulai MP said, could not wait for the Auditor-General's (A-G) report on the troubled company as there was too much speculation by the public over the investment firm's financial standing.

Prime Minister Datuk Seri Najib Razak, who is also the chairman of 1MDB's advisory board, had ordered the A-G to look into the company's books, saying that the report would be passed for transparency inspection to the PAC.

The PAC previously said that it would wait for the A-G's report before embarking on its own probe.

The Malaysian Insider reported today that the PAC had taken the first step to probe the state investment vehicle by summoning top officials in the civil service.

It sent letters to Irwan and Dr Rahmat last week, requesting that the duo give their statements to the PAC, which is scheduled to meet next Tuesday when Parliament convenes.

A source had said the PAC would not stop at calling the current and former CEOs of the fund, but would also call Bank Negara and auditors KPMG, Ernst & Young and Deloitte.

"Definitely, 1MDB board of directors chairman Tan Sri Lodin Wok Kamaruddin and former chairman Tan Sri Bakke Salleh will also be summoned, as well as Lembaga Tabung Haji's group managing director Tan Sri Ismee Ismail, who has been a member of 1MDB's board since the company's inception in 2009," said the source.

According to the source, PAC would need a long time to investigate the company, and it was possible that the probe could go on until the next general election. National polls are only due in 2018.

Today, Nur Jazlan said that the letters were sent on May 6 and that the PAC had received a response from EPU last Friday, saying it had nothing to do with 1MDB's management.

"However, PAC still wants EPU to attend to give its testimony in front of the committee as they previously attended twice to explain the company's investments besides being responsible for the development of the Tun Razak Exchange (TRX) and Bandar Malaysia," he said.

"We re-sent the letter to EPU today, to ensure that they attend on May 19 with the Finance Ministry to begin proceedings," he said, adding that the PAC had not set a time limit for the proceedings but would investigate all issues raised.

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.

Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah previously disclosed that Putrajaya had approved an RM950 million standby credit facility for 1MDB, of which RM600 million has been used.

Scrutiny has grown more intense following whistleblower site Sarawak Report's recent exposés which piled pressure on Najib and prompted opposition politicians, former Umno leaders and anti-graft bodies to demand a thorough investigation into the fund. – The Malaysian Insider