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Declassified report on Malaysia's 1MDB shows funding anomalies

Bloomberg
Bloomberg5/16/2018 03:12 PM GMT+08  • 4 min read
Declassified report on Malaysia's 1MDB shows funding anomalies
(May 16): A newly-declassified report on scandal-plagued Malaysia state fund 1MDB shows investigators expressed widespread concern about anomalies in its accounts, as Prime Minister Mahathir Mohamad accelerates efforts to reopen probes into the company an
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(May 16): A newly-declassified report on scandal-plagued Malaysia state fund 1MDB shows investigators expressed widespread concern about anomalies in its accounts, as Prime Minister Mahathir Mohamad accelerates efforts to reopen probes into the company and the actions of his predecessor.

While there were no massive surprises in the summary of the Auditor General’s report, and it did not mention former premier Najib Razak by name, the audit said 1MDB officers took investment actions against or without full knowledge of the board of directors on several occasions, while giving inaccurate or conflicting information to stakeholders.

1MDB, set up in 2009 to fund domestic infrastructure projects and whose advisory board Najib once chaired, didn’t submit management accounts for the year ended March 2015 and bank statements from foreign financial institutions. The audit team said it couldn’t access computers, notebooks and servers at 1MDB for the purpose of crosschecking and analysing its findings.

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