No need for emergency Parliament session on 1MDB - Johari

There is no necessity to hold an emergency Parliamentary sitting or set up a Royal Commission of Inquiry to investigate the 1Malaysia Development Berhad (1MDB) issue.

Second Finance Minister Datuk Johari Abdul Ghani said, the issue is not new and the government has already taken steps to improve the weaknesses in the strategic investment company’s management and governance.

"This issue of 1MDB has become the most intensive investigation, so I don’t think all this is necessary," he said when officiating at the National Economy Briefing organised by Malaysian Institute of Economic Research (MIER) here today.

"Whatever actions taken by the United States Department of Justice (DOJ), they have all the rights to do so, because this is something that happened in their own country," he added.

Datuk Johari also denied 1MDB has been dealing with the individuals named in the DOJ report.

“On our part, our dealing is only with International Petroleum Investment Company (IPIC) group,” he said referring to the Abu Dhabi investment arm, saying “that’s why we have a dispute with Abu Dhabi.”

Johari said, Finance Ministry is planning to bring the dispute to the London Court of International Arbitration.

“The government will not protect any individual who is found guilty in this 1MDB case, no matter what kind of offence they committed, or wherever it was done,” he said.

Without giving any details, he also said the government has already received funds from the sale of 1MDB energy assets to China General Nuclear Power Corporation (CGN).

In November 2015, 1MDB announced a share purchase agreement signed with CGN to enable it to receive RM9.3 billion, in addition to the acquisition of debt amounting to RM7.43 billion.