Bank Negara should investigate 1MDB - TI Malaysia
Astro Awani
May 14, 2015 14:05 MYT
May 14, 2015 14:05 MYT
On Monday, TI Malaysia backed the proposal to appoint an independent international auditor to look into the financial affair of 1MDB.
Transparency International (TI) Malaysia wants Bank Negara Malaysia (BNM) to investigate transactions of 1Malaysia Development Berhad (1MDB).
“TI-M believes that BNM as the central bank of Malaysia has all the adequate powers to investigate these transactions and compel disclosure of all relevant information concerning these transactions to see if any law has been breached,” TI Malaysia president Datuk Akhbar Satar said in a statement today.
He said BNM as the main regulator of banking business and transactions, should exercise its powers without delay.
“TI-M notes that many of these transactions appear to be cross border deals and involved movement of funds to and fro Malaysia and from and to Malaysian financial institutions,” he said.
Stressing that the RM42 billion debt accumulated by 1MDB is a huge sum, he said the possible financial collapse of 1MDB has great adverse impact on taxpayer’s funds and Malaysia’s financial wellbeing.
“TI-M expects Bank Negara to rise to the occasion and perform its role without fear and favour,” he said in the statement.
1MDB issues continue to be in the news following the latest report on the purchase made by Lembaga Tabung Haji (TH) on a plot of land in the Tun Razak Exchange (TRX) financial district, owned by 1MDB and valued at RM188.5 million.
On Monday, TI Malaysia backed the proposal to appoint an independent international auditor to look into the financial affair of 1MDB.
The organisation had also called the government to set up a special high level taskforce to conduct a full investigation into the allegations of financial and commercial crime fiasco involving 1MDB, in March.
On Saturday, UMNO vice-president Datuk Seri Hishammuddin Tun Hussein said the audit firm should also perform a forensic audit on all 1MDB's transactions since its inception to help the company answer all issues raised.
Hishammuddin, who is also Defence Minister said the process to find out 1MDB's actual financial position should be quick and not wait for the findings of the Auditor General.