After TRX land row, Umno veep says international auditors should vet 1MDB’s books
(Malay Mail Online) – Datuk Seri Hishammuddin Hussein suggested today that an independent international audit firm be appointed to conduct a forensic check on 1Malaysia Development Berhad’s financials, following the latest controversy over its land sale to Tabung Haji Malaysia (LTH).
The Umno vice-president said Putrajaya must expedite the ongoing probe on 1MDB as it cannot merely sit back and wait for the Auditor-General to complete its investigation on the debt-laden investment firm.
“In this context, I urge the A-G to quickly prepare its report and present it to the Public Accounts Committee (PAC),” he said in a statement here.
“And to protect the reputation of this investment firm while at the same time addressing public queries, I propose that the 1MDB board appoint another international independent audit firm to check, verify and publicly declare all the firm’s assets and liabilities, as well as the status of its investment portfolio and current cash flow situation,” he added.
The same independent audit firm, Hishammuddin added, should conduct a forensic audit on all of 1MDB’s transactions since its inception.
The minister went on to say that he shares the same concern raised by Malaysians over the allegations surrounding 1MDB, including the latest controversy over its sale of land in the Tun Razak Exchange (TRX) to LTH.
The pilgrim fund, he pointed out, as a well-respected institution, should ensure all its deals are above board and that its integrity is protected.
“I am confident that the LTH board takes into consideration business risks and strives to ensure the welfare of its contributors is upheld at all times,” he said.
Earlier this week, reports of LTH’s controversial land investment hit the headlines after it was revealed that it paid RM188.5 million for a plot of land in the TRX, which 1MDB had purchased four years ago for just RM4.5 million at a rate of RM64 psf.
A blog called “The Benchmark” first drew attention to the purchase when it published purported documents of the controversial transaction that critics now claim could be a bailout for 1MDB.
A confirmation by LTH on the purchase has since prompted bipartisan calls from lawmakers and private groups for the pilgrim funds board to explain the “high-risk” land buy from debt-laden 1MDB, which is currently under probe by the Auditor-General’s Department and Parliament’s PAC.
Apart from Pakatan Rakyat (PR) leaders, those in Umno, including youth chief Khairy Jamaluddin and Umno deputy president Tan Sri Muhyiddin Yassin have since spoken up, with the latter saying yesterday that Putrajaya must be more proactive in addressing the allegations surrounding 1MDB.
Speaking from Milan, Italy, yesterday, Muhyiddin also admitted that 1MDB was the biggest factor that led to Barisan Nasional’s (BN) loss in the Permatang Pauh poll on Thursday.
Earlier today, LTH chairman Datuk Seri Abdul Azeez Abdul Rahim said the fund will sell the land in TRX that it had purchased, following advice from Prime Minister Datuk Seri Najib Razak.
