1MDB lambasts English daily for twisting the truth

National strategic investment agency, 1Malaysia Development Berhad (1MDB) has lambasted an English daily unsubstantiated reports on investigations into 1MDB as lawful authorities are currently conducting investigations into the Malaysian investment firm.

1MDB is alarmed with a number of reports that have been published by daily that has made allegations based on the views of anonymous investigator.

“The Star has made a number of assertions based on the opinions of an unnamed "investigator", with reference to certain transactions undertaken by 1MDB.

“1MDB is concerned that a regulated and licensed newspaper such as The Star is presenting such unsubstantiated opinions as fact in its reporting.

“It is a well known fact that a number of lawful authorities are conducting investigations on 1MDB and no final determination has yet to be made,” 1MDB said in a statement issued today.

The investment firm said the interim report on 1MDB by the National Audit Department submitted to the Public Accounts committee (PAC) stated there was nothing suspicious on claims of misappropriation of funds.

The Star has only made sloppy reporting when they claimed ‘even assets that are being held for sale cannot be easily liquidated’, said 1MDB.

“This is clearly wrong as the notes to the 30.03.2014 financial statements of 1MDB, as audited without qualification by Deloitte, describes how USD1.22 billion (approx. RM 4.6 billion) of these assets had in fact been liquidated and cash proceeds utilised.

“The Star further states that ‘there was no document related to the existence of assets and valuation of PetroSaudi Holdings (Cayman).

“This is blatantly incorrect. There was a valuation report prepared when the investment was made and 1MDB has in fact submitted the same report to the lawful authorities for their review," read the statement.

1MDB believes that the allegations are baseless and that the claims on missing RM42 billion or the RM16 billion are merely distortion of truth.

IMBD also added that a number of lawful authorities are currently conducting investigations into 1MDB. 1MDB is fully cooperating with these investigations.

"We trust that appropriate measures will be taken by the lawful authorities to ensure the integrity of such investigations," said 1MDB.

The interim report on 1MDB has been completed according to schedule, the Auditor-General's (AG) office said in a statement July 2.

However, PAC chairman, Datuk Nur Jazlan Mohamed said 1MDB has not yet handed over important documents needed in the investigations such as bank statements and agreements to the Auditor-General on July 9.

On March 4, Prime Minister Datuk Seri Najib Razak had ordered the Auditor-General to independently verify the accounts of 1MDB.

The PAC has reportedly begun investigative proceedings into the 1MDB scandal on March 19.

Following a special meeting on April 30, the PAC had decided to begin investigations on 1MDB.