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1MDB board directors offer resignation
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Construction workers chat in front of a billboard for state investment fund 1 Malaysia Development Berhad (1MDB) at the fund's flagship Tun Razak Exchange development in Kuala Lumpur, Malaysia, on May 14, 2015. (AP/ Joshua Paul)
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alaysian state fund 1Malaysia Development Berhad (1MDB) said on Thursday (April 7) that its board of directors have collectively offered their resignations to the finance ministry following a parliamentary inquiry into the fund.
The bipartisan Public Accounts Committee (PAC), which tabled the report in parliament on Thursday morning, said it found the financing and performance of 1MDB “unsatisfactory” and called for a probe into the fund’s former chief executive.
“This has been a difficult decision to take but we believe it is the right thing to do, given the circumstances, in order to facilitate any follow-up investigations as recommended by the PAC,” 1MDB said in a media statement.
“The Board has successfully steered 1MDB through a uniquely challenging period and trusts that, with the release of the PAC Report, a line has been drawn.”
1MDB added that its funds have been fully accounted for and it did not transfer RM2.6 billion (US$663 million) into the personal accounts of Prime Minister Najib Razak.
