Its President Akhbar Satar in a statement today, also called for a Royal Commission of Inquiry to be set up to look into 1MDB’s financial discrepancies and urged for the company to engage forensic accountants to conduct a forensic investigation on whether there were any other irregularities and mismanagement.
“The purpose of the A-G’s office is to serve the interests of the public. The Federal Constitution and the Audit Act 1957 provide that the Auditor-General shall submit his reports to the Yang Di-Pertuan Agong, who shall cause them to be laid before the House of Representatives. This is constitutionally what is provided for and there should be no blockage or excuse preventing the rakyat from seeing the full A-G’s Report. There should be nothing to hide,” Akhbar said.
He added that the findings by the Public Accounts Committee (PAC) had raised even more questions on how the funds were ultimately used.
Akhbar lamented the lack of diligence on the part of 1MDB’s Board of Directors, the company’s management as well as its Advisory Board, saying all three had failed to adhere to good corporate governance practices in the business decision making process.
“These are not private equity funds, this is a government controlled entity with reputable and seasoned personalities on the Board and an Advisory Board chaired by the Prime Minister himself, entrusted with government funds and loans financially backed by the government,” he said, adding that this meant it was the people’s hard earned tax money which was at stake or alternatively, the nation’s assets, that would will be used in the event a bailout was required.
“Where was the risk analysis report? Where was the internal audit monitoring? It is reasonable to expect that such high value assets or highly geared government entities should be managed by a team of qualified persons of high integrity and responsibility who practice transparent and good corporate governance principles,” Akhbar said.
He said the next step would be to find out where the billions reported missing from 1MDB, had actually ended up.
The authorities should also look into, and if need be, take appropriate action against any officer, employee or parties that committed malpractices in 1MDB while in office, Akhbar said.