1MDB urged to face PAC after pledge to engage
Petaling Jaya MP Tony Pua has urged 1Malaysia Development Berhad (1MDB) to face the Public Accounts Committee (PAC) after the controversy-plagued company promised to be more engaging.
Petaling Jaya MP Tony Pua has urged 1Malaysia Development Berhad (1MDB) to face the Public Accounts Committee (PAC) after the controversy-plagued company promised to be more engaging.
This comes after newly-minted 1MDB group president and executive director Arul Kanda Kandasamy offered to engage Pua, who has been a fierce critic of the Finance Mininstry-owned entity.
"To avoid any accusations that I may 'politically' twist and manipulate the engagement with 1MDB, perhaps it would be better if Arul (were to) engage and testify to the PAC.
"The PAC comprises of seven BN- and five Pakatan Rakyat-elected representatives, which cannot be accused of political bias against 1MDB.
"Such an engagement will not only be fair, but be seen to be fair by Malaysians at large," said Pua ( right in photo ) in a statement today.
Answering to the PAC, Pua said, will live up to 1MDB’s statement that it welcomed public scrutiny which he said will help strengthen the company.
“We will certainly look forward to 1MDB’s date with the PAC to prove that the company has nothing to hide,” he said.
Yesterday, Pua said he accepted 1MDB’s offer to engage him but stressed that it must ultimately answer to the public.
He had also criticised 1MDB for sidestepping the issue of its approximately RM8.3 billion investment in the Cayman Islands by stating that the amount had been fully redeemed.
Pua urged 1MDB to be more specific about the controversial investment by clarifying whether the money had been received and its exact amount.
“Such disclosure will certainly go a long way towards lifting the secrecy veil over the various mysterious actions of the company over the past five years,” he said.
Yesterday, former prime minister Dr Mahathir Mohamad had said 1MDB’s explanation was “unacceptable” , insisting that the company explain how the money redeemed from the Cayman Islands is being used now.
1MDB was heavily criticised for parking RM8.3 billion in a tax haven abroad instead of investing locally.
It has also been criticised for overpaying RM2.7 billion for expiring independent power producer companies in 2012 and forking out US$476 million (RM1.7 billion) in commission to Goldman Sachs for two fundraising exercises in 2012 and 2013 respectively.

