The parliamentary Public Accounts Committee’s (PAC) probe into allegations of questionable investment by national investment arm 1Malaysia Development Bhd (1MDB) was stymied by its inability to obtain documents from the company.

NONE “Some documents were sought by the PAC, seven altogether, but only one was furnished,” its chief Azmi Khalid said at a press conference in Parliament House after chairing the PAC meeting on 1MDB today.

Azmi said the company told the committee that the six documents pertaining to its PetroSaudi fund investments needed the okay of the fund’s shareholders.

“They can be a bit sticky about details,” reasoned the Padang Besar MP.

Asked when will the committee expect delivery of the documents he said that the matter depends on PetroSaudi's investors and 1MDB cannot do anything without their okay to release further details.

Azmi related that 1MDB was represented at the meeting by its senior vice-president, accompanied by representatives from the Prime Minister’s Office.

The sole document furnished by the investment arm to PAC was its financial balance sheet for the year financial ended 2011.

The “crucial” document, said Azmi, showed that 1MDB’s books were “in order, technically”.

'Company financials are sound'

He said he found the company financials to be sound and its investment registering profit.

Azmi also argued that 1MDB was advised by a group of well-experienced business figures who would surely ensure the firm invests its money well.

However, he refused to disclose details of the balance sheet and purported wise advisers, asking reporters to read all about it on the company’s website which has all the details.

But Azmi conceded that there are other concerns about the finances of the firm raised by PAC members.

He said that 1MDB has been asked to provide  answers to the concerns while the Auditor-General’s office was also asked to looked into the company finances.

Quizzed on what's next in PAC’s probe, Azmi said that the committee will decide soon, but said that for now there is nothing yet on its agenda to follow up on.

The investment by 1MDB into PetroSaudi was brought to the attention of the committee by opposition parliamentarians who have alleged several irregularities in the million ringgit transaction.

Petaling Jaya Utara MP Tony Pua alleged that it is akin to a ‘Ponzi Scheme’ , referring to a recent Wall Street scandal which saw millions lost in bogus investment schemes.

The PAC has announced the probe into the investment arm in November last year.