Husni: Interim report shows 1MDB in the clear

Finance Minister II Ahmad Husni Hanadzlah has urged critics of 1MDB to stop making unfounded allegations as the auditor-general's interim report on its audit of the company has found no evidence of wrongdoing.

"Therefore, the reckless allegations by some parties including the 'disappearance' of RM42 billion and transfer of US$700 million to certain individual does not arise," said Husni in a statement today.

The interim report was submitted to the Public Accounts Committee (PAC) on July 9, but it is not publicly available yet.

However, Malaysiakini had reported that those familiar with the report had noted that the National Audit Department had found that 1MDB's board was often not consulted by the management before decision is made on investments.

This was corroborated by a report in The Star, which claimed that two 1MDB board members - Mohd Bakke Salleh and Azlan Mohd Zainol - had quit in protest.

Be patient

The report claimed that the duo's demands for the return of US$700 million intended for a joint venture with PetroSaudi International Ltd (PSI) was not heeded.

The US$700 million was transferred from 1MDB-PetroSaudi International - the JV vehicle incorporated in the British Virgin Islands - on September 30, 2009, a day after the JV was inked between 1MDB and PSI.

Husni added that he hoped that all baseless allegations against 1MDB will be put to rest soon and urged the public to remain patient for the final report by the audit team and PAC.

"Our focus is now on the rationalisation plan, whereby the Government is committed to have the issues pertaining to 1MDB's debt be resolved.

"The definitive aim of the rationalisation plan is to rebalance 1MDB's asset and debt in order to support its financial structure that will ensure its sustainability going forward," he said.

Source: Malaysiakini
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