The country may end up facing another financial scandal four times the size of the Port Klang Free Zone (PKFZ) fiasco if the government does not come clean on the inner workings of its 1Malaysia Development Fund Bhd (1MDB).

NONE PKR de-facto leader Anwar Ibrahim ( right ) claims there are many questions arising over the way 1MDB reports its earnings and performance, particularly since the company's audited accounts ending March 2010 have yet to be finalised.

He pointed out that 1MDB was allocated RM5 billion in 2009 via government bonds, and is expected to be issued another RM10 billion loan through state-backed bonds, for a grand total of RM15 billion in liabilities held by the company by 2013.

"This is four times the value of bonds issued for the PKFZ, which are valued at around RM3.685 billion," Anwar said in a statement today.

He also ran parallels with the government's formation of ValueCap in 2002, which he said was so covertly run that it could not help but raise concerns that it was merely formed as a vehicle to bail out crony companies on Bursa Malaysia.

Anwar, a former deputy premier and finance minister before his unceremonious removal by the then prime minister Dr Mahathir Mohamad in 1998, claimed it is speculated that the auditor handling 1MDB's accounts has refused to sign them, over serious problems in the balance sheet.

"Why is it that 1MDB can gain unappropriated profit of RM121.79 million? This becomes a question when it's non-current liability is only at RM4.39 billion and not RM5 billion as announced by 1MDB. What happened to the remaining RM610 million?," he said.

How will it pay its loans?

Anwar questioned further the company's request for a RM37 million loan when its deposits in banks and other financial institutions are valued at RM782.12 million.

He noted that if 1MDB cannot use its deposits to make any payments, it would then raise the question of how they will pay another RM99.43 million in money owed to other institutions.

Anwar also highlighted the uncharacteristically high income 1MDB earned under the Other Income bracket, totalling RM439.83 million.

As a company dealing with funds, he said the bulk of 1MDB's earnings should be derived from investments, casting suspicion on how it managed to make so much from its Other Income .

Another issue which he said was clearly absent in the company's accounts was the RM100 million set aside under Yayasan 1MDB, which was formed in January this year to carry out corporate social responsibility programmes.

"Ever since 1MDB, which was formerly known as the Terengganu Investment Authority Berhad, was introduced by (Prime Minister) Najib (Abdul Razak), many questions arose on the role of 1MDB, its investments and related developments, particularly its link to PetroSaudi and millionaire Jho Low.

NONE ‘What is Jho Low's role in 1MDB, specifically in the redevelopment of the Sungai Besi air base? PetroSaudi only became public knowledge after it formed a joint-venture company with 1MDB with a capital of RM8.5 billion," he said, referring to paparazzi darling Low Taek Jho ( left ), who gained notoriety for his wild parties with socialite heiress Paris Hilton ( right ), and his perceived influence in Saudi Arabia.

Anwar charged that because of 1MDB's opaque management, there is nothing to assure the people that public funds are not being misused on the pretext of spurring economic development.

"Hiding behind the display of taking a meaningful step, it ends up only enriching the few who are close to the leadership," he said.