Malaysia's Public Accounts Committee to table its findings on 1MDB probe to Parliament on Thursday

A worker walks past a poster of the 1 Malaysia Development Berhad (1MDB) logo on a truck in Kuala Lumpur on March 14, 2016.
A worker walks past a poster of the 1 Malaysia Development Berhad (1MDB) logo on a truck in Kuala Lumpur on March 14, 2016.PHOTO: AFP

KUALA LUMPUR - Malaysia's Public Accounts Committee (PAC) will table its findings to Parliament on Thursday (April 7) after having deliberated for nearly a year on questionable dealings on Malaysian sovereign wealth 1Malaysia Development Berhad (1MDB) that have fuelled calls for the resignation of Prime Minister Najib Razak's - 1MDB's advisory chief.

Of interest will be how much the long-awaited parliamentary review of 1MDB will focus on details from the Auditor-General's review of 1MDB's books, which showed a whopping RM42 billion (S$14.5 billion) of debt as of its last official filings in 2014.

The Attorney-General's review, which was ordered by the Cabinet in March last year (2015), will not be made public.

1MDB businesses that are said to have led to the crippling debt pile include the purchase of power plants at prices considered inflated by some analysts, and 1MDB's abortive joint-venture with Saudi energy firm PetroSaudi in which it had invested a total sum of US$1.83 billion (S$2.48 billion).

These forays were funded by raising debt involving large fees and terms considered overly favourable to the lender, resulting in 1MDB's inability to square off its liabilities until it began liquidating its assets last year.

1MDB claims to have profited from the PetroSaudi deal even though the joint venture undertook no actual business.

It says US$1.1 billion still remains in the Singapore branch of Swiss bank BSI.

The banker in charge of the 1MDB account, Mr Yak Yew Chee, is being investigated by the Singaporean authorities as part of a money-laundering probe.

After reports last July revealed US$700 million linked to 1MDB had ended up in Datuk Seri Najib's private accounts, he insisted that the bulk of the money was a donation from the Saudi royal family.

The government has been accused of covering up the 1MDB scandal, with several other probes stalling or abandoned altogether.

Senior opposition MP Rafizi Ramli was arrested on Tuesday (April 5) and has been remanded until Friday for allegedly breaching the Official Secrets Act after revealing documents he claims prove that 1MDB was unable to meet payments to the armed forces pensioners' fund.