PETALING JAYA: A committee to look into matters relating to state fund 1MDB is drawing up the terms of reference on its scope of duty, according to former attorney-general Abu Talib Othman.
Speaking to FMT, Talib, who is leading the committee, said its members had to be clear on the terms.
“We are drawing up our proposal to be presented to the Council of Elders for their approval before beginning our task,” he added.
Council chairman Daim Zainuddin, who announced the setting up of the committee, said last week that unless the 1MDB issue was resolved, it would continue to undermine public confidence in the government and its institutions.
Other committee members include PwC Risk Assurance Services partner Nik Shahrizal Sulaiman, Naqiz & Partners senior partner Syed Naqiz Shahabuddin Syed Abdul Jabbar, Indonesian Financial Services Authority senior adviser Faris Rabidin and Centre to Combat Corruption and Cronyism founder Cynthia Gabriel.
The Auditor-General’s Report on 1MDB, which was declassified last Tuesday, revealed that senior officials at scandal-plagued 1MDB had withheld information from the board and made several decisions without the board’s approval.
Malaysia, under former prime minister Najib Razak, had classified the audit report in 2016 under the Official Secrets Act.
This came amid reports that about US$700 million from 1MDB had allegedly been channelled into Najib’s personal bank accounts.
Najib denied any wrongdoing and was cleared by the attorney-general following investigations.
After Najib lost the May 9 general election, new Prime Minister Dr Mahathir Mohamad said he would reopen investigations into 1MDB and declassify the audit report.
He barred Najib and his wife Rosmah Mansor from leaving the country.