1Malaysia Development Bhd (1MDB) is a "complete idiot" and "fool" for overpaying commissions to Goldman Sachs for arranging two fund raisers for 1MDB in 2012 and 2013.

Pua was referring to The Edge 's report quoting Goldman Sachs as confirming none of the commissions money, rated at 10 percent of the RM15.4 billion raised, was paid to third parties.

Pua had questioned why 1MDB had paid such staggering commissions when the market rate for similar fund raisers only ranged between 0.2 percent and two percent of the amount raised.

"Under normal circumstances, raising RM15.4 billion by an entity wholly owned by the government should not have cost more than RM154 million.

"Instead, 1MDB footed a scandalous bill of RM1.54 billion," he said.

"The top management of 1MDB must be a bunch of incompetent fools," Pua, without mincing his words, told a press conference at Parliament lobby.

Pua also trained his guns on Goldman Sachs, calling it "unethical" for refusing to reveal why it had charged 1MDB way above market rates.

'Najib should sack entire top management'

"Malaysians can only come to a single conclusion: the top management of 1MDB must have comprised idiotic desperadoes to be fleeced naked by an unscrupulous and unethical Goldman Sachs," he said.

Pua said that there is no further recourse for Prime Minister Najib Abdul Razak, who is also the chaiperson of the 1MDB board of advisers, apart from sacking the entire top management of the company, including CEO Mohd Hazem Abdul Rahman.

"The entire board of directors of 1MDB must be taken to task for failing its fiduciary duties to ensure that the management performs its tasks in a responsible and accountable (manner) for the shareholder, which is the Malaysian government," he said.

Malaysiakini has contacted 1MDB for its comments on Pua’s claims, and is awaiting its response.

No comissions paid in fundraisers, says 1MDB