Friday 29 Mar 2024
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(May 19): The highly anticipated probe into troubled 1Malaysia Development Berhad (1MDB) commenced today with Parliament's Public Accounts Committee (1MDB) summoning two individuals from the federal government.

Treasury secretary-general Tan Sri Irwan Serigar Abdullah was the first to arrive. Irwan is also a 1MDB advisory board member.

PAC will also be questioning director-general of the Economic Planning Unit Datuk Seri Dr Rahmat Bivi Abdulla, who arrived at 10.40am.

Both are due to give their statements to the PAC on 1MDB’s operations.

PAC members, comprising eight parliamentarians from Barisan Nasional and five from the opposition, unanimously decided to begin proceedings into 1MDB in a special meeting held on April 30.

PAC had previously said that it would wait for the auditor-general's report before beginning its own probe.

Its chairman, Datuk Nur Jazlan Mohamed, said PAC could not wait for the A-G's report on the troubled company as there was too much speculation by the public over the investment firm's financial standing.

This comes after 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 the report would be passed for transparency inspection to PAC.

In its statement yesterday, 1MDB said that the board would cooperate with PAC, A-G and other regulatory authorities in their investigations into the company.

"In the meantime, the board requests all parties to respect the review process being led by the A-G (as directed by the Cabinet) and to await the outcome of PAC hearings which commence this week," it said.

Criticism has been mounting over the Finance Ministry wholly owned investment vehicle, established in 2009, which has chalked up debts of up to RM42 billion, backed by Putrajaya.

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

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

 

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