Transparency International Malaysia (TI-M) today joined in to ply pressure for an investigation on state investment firm 1Malaysia Development Bhd (1MDB).

This comes after Public Accounts Committee (PAC) chairperson Nur Jazlan Muhammad urged a public audit on the firm, while committee members want a public hearing on 1MDB.

TI-M said a special taskforce to investigate IMDB must be formed after allegations that US$700 million (RM2.5 billion) of its funds went to a company linked to controversial money man Jho Low.

“1MDB’s finances are high level issues of public importance, as well as of national interest as it involves taxpayers’ money.

“(1MDB also has) potentially consequential damaging impact that it poses to the banking system and the nation’s economy,” it said.

TI-M said the taskforce to probe 1MDB’s finances should include agencies like the Commercial Crime Division of Police, the Auditor-General’s office, Bank Negara Malaysia, Ministry of Finance and the Malaysian Anti-Corruption Commission.

It also wants audit firms Ernst & Young and KPMG to assist in the investigations because the two firms had before this acted as 1MDB’s external auditors.

“Reasons for their unexpected withdrawal as external auditors could provide explanations as well as penetrating leads into such an investigation,” it said.

An immediate investigation is imperative given the strong perception of corruption involving the state firm, it said.

“(The taskforce) may uncover a plethora of larger issues such as corporate crime, embezzlement, corruption, misappropriation, mismanagement of funds, inappropriate decision making and unethical behaviour including and not limited to misuse of public office.”

Auditor-General Ambrin Buang last year said there is no need for his office to audit  1MDB because it is already audited by top firms.

Ambrin and MACC deputy commissioner of operations Shukri Abdull did not respond to Malaysiakini ’s query on an audit and investigation following the recent expose.