In a nutshell: The PAC’s report on 1MDB

A 1 Malaysia Development Berhad (1MDB) billboard can be seen in Kuala Lumpur, March 3, 2015. — Picture by Yusof Mat Isa
A 1 Malaysia Development Berhad (1MDB) billboard can be seen in Kuala Lumpur, March 3, 2015. — Picture by Yusof Mat Isa

KUALA LUMPUR, April 7 — The Public Accounts Committee (PAC) released today its report on 1Malaysia Development Berhad (1MDB), after an investigation that spanned 10 sessions across nine months.

According to the PAC, it kicked off its inquiry last May 19 with a briefing by the Treasury secretary-general and the Economic Planning Unit’s director-general, before concluding proceedings on February 11 with the interview of 1MDB’s former chairman Tan Sri Bakke Mohd Salleh and former CEO Datuk Shahrol Azral Ibrahim Halmi.

Audit firms Deloitte and KPMG, 1MDB’s current chairman Tan Sri Lodin Wok Kamaruddin and current CEO Arul Kanda Kandasamy were also called up before the bipartisan parliamentary committee for its probe on 1MDB’s management and investment activities.

Prior to the release of its own report today, the PAC had also received last month the final audit report from the National Audit Department based on the latter’s separate inquiry from last year’s March 10 to June 15.

Some key points of the PAC’s report on 1MDB can be found here:

The full 106-page PAC report can be found here.

Related Articles