IGP: Cops will probe 1MDB complaint

(Malay Mail Online) – The police will start investigations on the report lodged yesterday by an Umno division leader alleging of improprieties in the management of sovereign wealth fund 1 Malaysia Development Berhad (1MDB).

According to a Malaysiakini report today, Inspector-General of Police (IGP) Tan Sri Khalid Abu Bakar confirmed that the police will probe the report, and that the matter will be handled by the Commercial Crime Investigation Department (CCID).

“Since a police report has been lodged, the commercial crime branch would investigate it and discuss the case with the Attorney-General’s Chambers for directions,” he was quoted saying by the news portal.

Yesterday, The Star Online, citing unnamed reports, said that Batu Kawan division deputy chief Khairuddin Abu Hassan made the report against 1MDB and its subsidiaries, alleging “questionable” business, investment and fund raising transactions and decisions

The news portal reported that Khairuddin is backed by “powerful forces”  in the party and that he decided to lodge the report following various reports in both the local and foreign as well as online media agencies which had allegedly proved the flaws in 1MDB’s management of taxpayers money

Khairuddin was also reported to have demanded a “detailed and comprehensive” investigation, including the “interrogation of 1MDB’s directors and representatives of any companies implicated.”

Khairuddin was also reported to have vented his dissatisfaction with 1MDB’s alleged failure to counter allegations of imprudence, often made by Pakatan Rakyat (PR) lawmakers.

“As of March 2014, 1MDB is burdened with debts to the tune of RM41.9 billion, bearing the risk of bankruptcy and the loss of public funds. This will burden the Malaysian Government as 1MDB’s guarantor,” Khairuddin was quoted saying.