Thursday, July 2, 2015

1MDB: Will PAC probe 'missing RM42bil'

1Malaysia Development Bhd (1MDB) wants the Public Account Committee to confirm if it will investigate the allegation of the “missing RM42bil" in the same way other allegations against 1MDB are to be investigated.

Its president Arul Kanda Kandasamy said this must be done in "fairness and due process” owing to PAC member Tony Pua’s recent statement published online on why no action has been taken against 1MDB by the authorities.

“In the interest of fairness and due process, 1MDB trusts that YB Tony Pua will confirm that the PAC will investigate this specific allegation of “RM42 billion missing” in the same way he is insisting that other allegations against 1MDB are to be investigated,” Arul said in a statement on Thursday.

Arul said the PAC "is the lawful authority to verify allegations such as whether the RM42bil has ‘disappeared’ from 1MDB.

Pua had questioned the Home Ministry’s action of issuing a show-cause letter to The Edge for its reports on 1MDB although no action has been taken against those named in the daily’s reports.

Pua, the Petaling Jaya Utara MP, described the move as "intimidating the business daily."

Arul noted that Pua had conveniently ignored to highlight that 1MDB "is currently the subject of inquiries by a number of authorities, including the Auditor-General, Bank Negara Malaysia and police."

“And last but not least, the Public Accounts Committee (PAC), a committee that YB Tony Pua himself is a member of.

“1MDB is fully cooperating with these inquiries,” he said.

He added that 1MDB had been providing evidence and proof relating to the company and will continue to do so in the course of ongoing investigations by the authorities.

He also noted that 1MDB had repeatedly issued clarifications to address allegations made by various parties, including Tun Dr Mahathir Mohamad, Pua and The Edge media group.

Arul reaffirmed 1MDB’s stand that action must be taken by the lawful authorities based on the due process of the law if any wrongdoing was uncovered.

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