Najib: No misappropriation in 1MDB’s accounts

(FMT) – There was no misappropriation in 1MDB’s accounts and administration, only weaknesses in the administration of the company, the Dewan Rakyat was told today.

Prime Minister Najib Razak said this in a written reply to Mahfuz Omar (PAS-Pokok Sena) who had asked the finance minister to specify the course of action taken against the 1MDB management after the Public Accounts Committee’s (PAC) report.

In his reply, Najib, who is also the Finance Minister, cited the PAC report, which he said had stated there was no misappropriation in the embattled state investment fund’s accounts administration.

“There were only weaknesses in the administration of the company.

“The Inspector-General of Police has said that the police will study PAC’s proposal to ascertain if there are elements which warrants further action,” Najib said.

The PAC report, presented last month, had identified weaknesses in the way 1MDB was run and had proposed for the company’s board to be abolished, as well as for its former CEO to be taken to task.