KUALA LUMPUR, Oct 6 — The Conference of Malay Rulers today directed Putrajaya to ensure that 1 Malaysia Development Bhd (1MDB) is thoroughly investigated and for those found guilty of wrongdoing to be punished.

In a statement issued by the Keeper of the Rulers’ Seal, Datuk Seri Syed Danial Syed Ahmad, the sultans also said that investigations must be made public in order to show that nothing was being hidden in the probe on the state-owned investment firm.

“The findings of the investigation must be reported comprehensively and in a transparent manner so that the people will be convinced of the sincerity of the government which shall not at all conceal facts and the truth,” read the statement.

“The failure to give convincing clarifications and answers is feared to have resulted in a crisis of confidence.”

This is the first time the Conference of Malay Rulers has openly commented on the 1MDB controversy that has gained international attention.

Improper handling of the 1MDB controversy and related investigations could also affect the economy and even threaten national security, the rulers said.

“As a consequence, the people believe, whether basing on reality or perception, that this is among the causes for the plunge in the value of the Malaysian Ringgit, impacting the country’s financial market and economic climate negatively and at the same time adversely affecting the world’s view of Malaysia,” they added.

“To ensure that the government enjoys the people’s trust, that leaders are respected, that political stability is guaranteed and that the economy continues to grow, all leaders must constantly ensure that justice is meted out equitably and transparently based on the law.”

In March, Prime Minister Datuk Seri Najib Razak directed the Public Accounts Committee and the Auditor-General to investigate 1MDB following allegations of mismanagement and impropriety linked to its RM42 billion in debt.

It was later announced that a special taskforce comprising the Attorney-General’s Chambers, the Royal Malaysia Police, Bank Negara Malaysia, and the Malaysian Anti-Corruption Commission was also investigating the firm.

All the probes were later discontinued or postponed, however, following a shakeup in Putrajaya, the removal of Tan Sri Abdul Gani Patail as Attorney-General, and the transfers of investigators who were involved in the probe.

Although investigations in Malaysia appear to be stalled, investigators in other countries have since initiated their own probes into 1MDB and related entities, notably in the US, the UK, Switzerland, the SAR of Hong Kong, and Singapore.