PAC: Too early to make conclusion on 1MDB

(The Sun Daily) – It is too early for the Public Accounts Committee (PAC) to make any conclusion on the 1Malaysia Development Berhad’s (1MDB) governance or any wrong-doing.

PAC chairman Datuk Nur Jazlan Mohamed said the proceedings, which started today, was to focus on the government controls on the management and investments by 1MDB after being established in 2009.

“The PAC wants to see how 1MDB is governed after being formed in 2009 after changing from Terengganu Investment Authority (TIA).

“We want to know who is carrying out the roles in managing the company,” he said, adding that the proceedings will cover all aspects, including issues which were brought up in the media.

Today, the PAC called up Treasury secretary-general Tan Sri Irwan Serigar Abdullah and Prime Minister’s Department’s Economy Planning Unit (EPU) director-general Datuk Seri Dr Rahmat Bivi Yusoff as well as several senior officers from the Finance Ministry and EPU for the proceedings .

“This proves how committed the government, especially the Finance Ministry and EPU, is in practising transparency, credibility and accountability towards 1MDB,” he said.

Speaking to reporters at a press conference after a three-hour proceedings into 1MDB, Nur Jazlan said the committee has also called 1MDB chief executive officer Arul Kanda Kandasamy as well as his predecessor Datuk Shahrul Ibrahim Halmi to be present on May 26 to provide information to the committee.

Nur Jazlan said that while the Auditor-General is carrying out an audit into 1MDB, PAC’s proceedings looks into a wider aspect of things beyond just its financial aspect.

“If the AG’s report is completed and presented to the PAC, we will look into all the information, views and recommendation to complete the committee’s proceedings into 1MDB,” he added.

The Pulai MP said that PAC plans to call all auditing firms, including Ernst and Young, KPMG and Deloitte which has audited 1MDB in the past to clarify the company’s financial position.

“We want to know why 1MDB kept changing its independent auditors,” he added.

While noting that there is no fixed timeline in completing the proceedings, the PAC will table the report in parliament once it has completed the proceedings.