The Public Accounts Committee (PAC) will commence its investigation into 1Malaysia Development Berhad (1MDB) on May 19.

The firm's president and executive director, Arul Kanda, would be among those to be called in.

PAC chairperson Nur Jazlan Mohamed ( photo ) said the first two to testify at the PAC proceedings would be treasury secretary-general Irwan Serigar Abdullah and Economic Planning Unit (EPU) director-general Rahmat Bivi Abdullah.

The following week, Arul and 1MDB's first chief executive officer Shahrul Ibrahim Halmi would face the PAC members.

Sharul served as 1MDB CEO from March 2009 to March 2013. Arul took over the reins early this year.

Nur Jazlan said the committee is doing its probe soon as it can no longer wait for the Auditor-General's report on 1MDB.

"PAC believes the committee can not wait for the Auditor-General's report, which is also auditing the company.

Too much perception, speculation

"There is too much perception and speculation among the rakyat who are increasingly worried about the operations and finances of this state investment fund," he said in a statement today.

He added that the PAC has not set an end date to close the proceedings, and will investigate the issues thoroughly.

Meanwhile, Nur Jazlan said initially the EPU did not want to testify in the probe.

"The EPU had sent a letter to the PAC last Friday [...] (they) said the unit was not responsible for the management of 1MDB.

"The PAC however insisted that the EPU be present to testiy to the committee because they had previously attended (PAC probes) twice to explain on the company's investments.

"Besides that (EPU) is also responsible to the development of the Tun Razak Exchange and Bandar Malaysia," he said.

Nur Jazlan, who is also Pulai MP, assured the PAC investigation will be fair as it is not part of the executive.

He hoped all those called to testify will cooperate, so that any negative perception of 1MDB can be rectified while painting a good picture of the government's intentions to set up the investment arm in 2009.