KUALA LUMPUR, April 7 — Critics of 1Malaysia Development Berhad (1MDB) would today be vindicated by the Public Accounts Committee’s (PAC) final report on the fund as the panel’s findings prove they were right all along to accuse the firm of mismanagement, panel member Tony Pua said today.

Pua, who is also DAP’s MP for Petaling Jaya Utara, said that the findings of the Auditor-General, which was summarised in the PAC report, and the relatively brief conclusion by the PAC confirms “gross mismanagement” and wanton neglect by 1MDB’s board of directors.

“Today is the day that all critics of the debt stricken 1MDB have been finally vindicated with the tabling of the Public Accounts Committee report on the company,” he said in a media statement released to reporters at the lobby of the Dewan Rakyat this morning.

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Pua noted that 1MDB’s critics like Sarawak Report, the Wall Street Journal and himself have over the past year been accused of orchestrating a conspiracy against the country for publishing articles highlighting issues affecting the state investment fund.

The federal lawmaker added that he is even being investigated for “activities detrimental to parliamentary democracy” over the same matter and has also been accused of doctoring documents and publishing lies.

“The tabling of the Public Accounts Committee (PAC) Report today, with the accompanying transcripts of all its proceedings since 19th May 2015 in Parliament has now fully vindicated us.  

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“Most importantly, 1MDB deliberately hampered the investigations by the Auditor-General and the PAC by giving half-truths, withholding of crucial information as well as defiantly refusing to supply simple bank statements of its overseas accounts to allow the audit of multi-billion ringgit money trails,” Pua said.

PAC’s report on the state-owned investment firm was tabled to the Dewan Rakyat this morning and released on the panel’s website.

In the report, the panel said 1MDB’s board of directors failed in their responsibilities to the company and its shareholders by allowing its management to make decisions that were not in line with good accounting practices.

The panel also urged the authorities to investigate former 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi over weaknesses in the management of the firm.

According to PAC chief Datuk Hasan Arifin last November, Shahrol Azral had testified on 1MDB’s links with the Terengganu Investment Authority (TIA) and Saudi-based oil exploration and services company PetroSaudi International (PSI).

“The Inspector-General of Police must take immediate action to investigate Datuk Shahrol and his associates.

“I will go further to call not only for Datuk Shahrol Halmi be sacked with immediate effect, but the entire Board of Directors who have failed to protect the interest of the Government and the taxpayers to be removed as well,” Pua added.

1MDB is currently under probe by the authorities in several countries, with Luxembourg the latest to investigate the state investment firm for alleged money laundering.