1MDB never provided PAC with foreign bank account statements, says panel member Tony Pua

Malaysian opposition MP Tony Pua has said that 1MDB has never provided foreign bank account statements to the PAC.
Malaysian opposition MP Tony Pua has said that 1MDB has never provided foreign bank account statements to the PAC. PHOTO: THE STAR

Malaysian opposition MP Tony Pua has said that sovereign wealth fund 1Malaysia Development Berhad (1MDB) never provided any foreign bank account statements to the Attorney-General or Public Accounts Committee (PAC), so none of those overseas transactions involving PetroSaudi, aabar investment PJS Limited, Swiss bank branch of BSI in Singapore can be properly accounted for.

Given that specific provisions and articles in 1MDB's Memorandum and Articles states that every single substantial transaction required explicit written endorsement of the prime minister, it means that Prime Minister Najib Razak had personally signed all written resolutions approving its investments in the failed US$1.83 billion (S$2.47 billion) Petrosaudi joint venture, the borrowing of US$6.5 billion of bonds, the multibillion-ringgit acquisition of the power plants and real estate as well as the sacking of both external auditors, Ernst & Young and KPMG, said the Democratic Action Party (DAP) lawmaker, who also sits on the PAC.

"Given that the allegations of impropriety by the Prime Minister by the Prime Minister, especially over the US$681 million 'donation' scandal are all transacted overseas, there was no way for the AG or the PAC to clear the Prime Minister of these allegations," Mr Pua said at a press conference at the DAP headquarters on Friday (April 8)

"We are unable to clear the Prime Minister because they failed to give us documents to scrutinise to clear him."

Mr Pua said Datuk Seri Najib has failed to direct 1MDB to cooperate with the A-G and PAC by providing all the necessary financial statements, and urged Mr Najib to immediately reprimand the firm and direct them to hand over all its overseas banking records to PAC and the A-G for further scrutiny.