KUALA LUMPUR, March 6 — The Public Accounts Committee (PAC) does not need to wait for the federal audit on 1 Malaysia Development Berhad’s (1MDB) accounts and can start its own investigation on the state-owned firm, Tan Sri Muhyiddin Yassin said.
The deputy prime minister also urged that the federal audit, to be conducted by the Auditor General, be completed as soon as possible, noting that 1MDB’s deals are in the government’s and country’s interest.
“The Auditor-General must be provided with the relevant resources, expertise and a timeframe that is not too long in order to complete a thorough and comprehensive report (on 1MDB).
“This is important to help the firm regain its reputation, and to restore investor confidence,” he said.
“A forensic audit must be conducted to ensure there are no misappropriation of funds in 1MDB’s deals.
“At the same time, the PAC can proceed with its own probe without waiting for the federal audit report,” Muhyiddin added.
On Wednesday Prime Minister Datuk Seri Najib Razak ordered the Auditor General to conduct an independent check on 1MDB’s accounts and prepare a report for the PAC to further examine.
The state-owned firm has also said that it will comply with the audit.
1MDB came under criticism after a British paper, The Sunday Times in collaboration with whistleblower site Sarawak Report, ran an exposé last Sunday claiming of impropriety in 1MDB’s venture with oil exploration and production firm PetroSaudi International.
Petrosaudi has since denied the allegations
“1MDB must take seriously all the allegations it faces, especially in social media,” Muhyiddin said today.
He told the firm to be prepared to sue or be sued, should the allegations against it be proven true or false.