KUALA LUMPUR (April 7): Public Accounts Committee (PAC) deputy chairman Tan Seng Giaw urged MPs to take action against the management of strategic investment fund 1Malaysia Development Bhd (1MDB), following the tabling of the PAC report.

"The PAC's job was to investigate what went wrong with 1MDB, based on the evidence provided, and to table our findings. What happens next lies in the hands of the 222 MPs.

"We have recommended action to be taken against the management. Investigate the management, and see who had actually committed the acts," he told the press today.

He said the key issues in the management of 1MDB were its high borrowings and a lack of capital. He also noted the proposed initial public offering (IPO) of the company in 2013 and 2014, which was aborted.

Asked if Prime Minister Datuk Seri Najib Razak, who chairs the fund's advisory board, was implicated of any wrongdoing, Tan said nothing can be said currently.

"Through our investigations, it was found he was not directly involved. His name only showed up due to his position in the advisory board. Besides that, the focus was mostly on the management.

"Executive officers would run the business and the people who monitor these things are the board of directors. Let's look at the people who are directly involved and figure out what actually went wrong," Tan said.

On the other hand, PAC member Tony Pua, who earlier told reporters that the findings of the PAC report confirmed gross mismanagement of the fund, said the prime minister was aware of the deals that were carried out, by virtue of his signed shareholder's resolution.

"The only thing we have on the prime minister is the shareholder's resolution, which is signed. As to whether he was involved or not, we don't know. At the very least, I think he should be ministerially accountable," he said.

However, he said the main concern is the management and board of the company, which he advocated to be replaced.