FOLLOWING multiple grave allegations made against 1MDB, such as Tun Mahathir's claim that 42 billion had gone missing, the Cabinet under my instruction asked the Auditor General in March 2015 to conduct an independent investigation into 1MDB's financial accounts.

To ensure that this was a transparent process, we also instructed that the findings be passed for review to the Public Accounts Committee — a bi-partisan body that includes opposition parliamentarians.

After an exhaustive process, the PAC has today released a report with its findings to Parliament. This report represents a consensus by the PAC members, and its findings are based on facts and hundreds of hours of reviews and investigations.

I would like to thank the National Audit Department and PAC for producing a comprehensive, conclusive and definitive report.

Having reviewed it, I note that the PAC's report shows that RM42 billion is not missing from 1MDB, as had been alleged by Tun Mahathir.

However, the report has identified weaknesses in 1MDB's capital structure and management. We will study and act on the report's recommendations. We must ensure that lessons are learned, and action will be taken if any evidence of wrongdoing is found.

Equally, it is now clear that Tun Mahathir's allegations against 1MDB have been false. He was motivated by personal interest, not the national interest, and a desire to unseat the government.

We will continue to focus on our economic plan and strengthening the economy — which has continued to show resilience in the face of global challenges.

7 April 2016