Declassified AG’s report on 1MDB says information witheld from board

Signature. — DayakDaily.com file pic. // Photo: Pixabay

KUALA LUMPUR, May 15: Tan Sri Madinah Mohamad has declassified the Auditor-General’s report on 1Malaysia Development Bhd (1MDB), reports Malay Mail.

The document was prepared by her predecessor, Tan Sri Ambrin Buang, who had asked the previous Barisan Nasional (BN) administration to classify the report on his audit of the firm under the Official Secrets Act (OSA).

The executive summary from the report is available for download from the agency’s website (http://www.audit.gov.my/) . A surge in demand caused the website to crash. As of press time, the website is still inaccesible. However, some users managed to download a copy and are hosting it elsewhere.

Meanwhile, a Reuters report carried on the Malay Mail portal citing the declassified report said senior officials at 1MDB withheld information from its board and took some decisions without the board’s approval.

 

“In several instances, the 1MDB management had presented incomplete or inaccurate information to the 1MDB board before an important decision was made and had taken action without the approval of the 1MDB board,” according to the audit report’s executive summary seen by Reuters.

Madinah verified the authenticity of the report seen by Reuters while 1MDB did not immediately respond to a request for comment.

Between 2009 and 2015, several decisions involving high-value investments were made through 1MDB board resolutions without detailed discussion or evaluation, the report said.

Several high-risk investments were made in a very short time, and the 1MDB management went against the board’s and the shareholders’ wishes in some instances, it said. — DayakDaily