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No misuse in 1MDB administration and accounts, claims Najib
Published:  May 25, 2016 10:13 AM
Updated: May 26, 2016 2:51 AM

PARLIAMENT There is no misappropriation in 1MDB's accounts and administration, Prime Minister Najib Abdul Razak told Parliament, quoting the Public Accounts Committee (PAC).

Nor are the accounts and administration disorganised, Najib said in a parliamentary written reply.

"PAC has claimed that there is no misappropriation in 1MDB's accounts and administration, nor was it disorganised," he said.

"There was only weakness in the administration of the company," Najib told Mahfuz Omar (Pokok Sena).

Mahfuz asked what actions had been taken by the management after the 1MDB report by PAC was tabled in Parliament.

"The inspector-general of police has said the police will study the PAC's proposal (to determine) if there is any element that requires further investigation and action," Najib added.

In its report, PAC had stated that 1MDB former chief executive officer Shahrol Azral Ibrahim Halmi (photo) and others in the management should be held responsible for the weaknesses in the administration of the state-owned fund.

It recommended the enforcement authority to probe Shahrol.

PAC drew the conclusion after scrutinising the auditor-general's 1MDB report and the explanation given by various parties.

It pointed out that 1MDB's management had in few occasions breached the decision and advice of the board or they had acted before a specific decisions are made by the board.

The debts of 1MDB had accumulated from RM42 billion in March 2014 to RM50 billion as of January 2016.

1MDB needs to serve interest as high as RM3.3 billion to repay its mature debts between April 1, 2014 and March 31, 2015.

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