Auditor-General Tan Sri Ambrin Buang handing over the 1MDB report to Public Accounts Committee chairman Datuk Nur Jazlan Mohamed today. The preliminary report will not be made public. – The Malaysian Insider pic by Seth Akmal, July 9, 2015.The auditor-general's interim audit report on troubled state investor 1Malaysia Development Bhd (1MDB) was submitted to the parliamentary Public Accounts Committee (PAC) today, as the controversy surrounding the state investment arm grows.
Auditor-General Tan Sri Ambrin Buang handed the report to the bipartisan committee's chairman Datuk Nur Jazlan Mohamed at the Parliament building today.
The PAC members are now being briefed on the report by A-G's office and the session is expected to last until afternoon. They will then be allowed to ask questions in a session with the officials.
The audit on 1MDB was ordered by Prime Minister Datuk Seri Najib Razak earlier this year as the government-owned firm had incurred a RM42 billion debts in just six years.
1MDB is also mired in controversial deals, such as overpaying for power asset purchases and for buying land cheaply from the federal government.
More recently, it has been linked to an election funding scandal, where other companies linked to it had allegedly funnelled billions of ringgit into Najib's personal bank accounts.
The audit was started in March and completed by end-June before being presented today.
The interim report, however, will not be made public, as the government had decided only to disclose the final report.
The report is 71 pages long, with an extensive appendix.
It does not however contain any recommendations.
It is believed that the report is comprehensive and has detailed most of 1MDB's controversial dealings.
1MDB was Najib’s brainchild, established in 2009 to drive up federal investments.
It ventured into real estate, energy and various other unspecified investments overseas.
Chief among the allegations is that they overpaid for both their real estate and energy assets.
A cash flow problem resulted in 1MDB aiming to sell energy assets due to their inability to commence a power plant project in time. – July 9, 2015.
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