1MDB Auditor’s Report is Now Available Online, Here’s Where You Can Read It

Just days ago, Prime Minister Tun Dr Mahathir Mohamad announced at a press conference that he was working on declassifying a report about the infamous scandal involving our former prime minister Najib Tun Razak. And now, as promised by Dr M, the report is available online for everyone to read!

According to a press statement released by the National Audit Department of Malaysia last night (15th May), the previously classified executive summary of the report regarding the 1Malaysia Development Berhad (1MDB) scandal has now been officially declassified and available for public access on their website.

Source: national audit department

The report was previously classified under the Official Secrets Act in 2016 during former Prime Minister Najib Tun Razak’s administration, but it is now available on the National Audit Department’s official portal for public access.

According to Malaysiakini, most aspects of the report is also consistent with the findings of the United States Department of Justice. The report also found that overall, 1MDB would need an estimated RM42.26 billion to settle all of their loans and interest that would mature between November 2015 and May 2039.

This estimated amount was made based on the assumption that 1MDB’s rationalisation plan would be in effect and that they would not take any more loans after October 2015.

Source: fmt

On top of that, the strategic development company would require at least RM1.52 billion a year from November 2015 to May 2024 to repay all of its loans, according to the report.

An excerpt from the report also reads,

“Up until 31st October 2015, 1MDB’s outstanding loans and financing amounts to RM55 billion, compared to assets amounting to RM58.60 billion. A total of RM20.31 billion from the loans and financing received guarantees and assistance from the federal government.”

Apart from that, the report also noted poor governance and internal controls within 1MDB, which led to poorly organised decisions within the company. On top of that, it mentioned that its chief executive officer made a number of company decisions in a disorganised manner. 

Source: malay mail

In a recent video conference with The Wall Street Journal Council meeting in Tokyo, Tun Dr Mahathir said that with the mounting evidence surfacing, Najib Tun Razak could be charged very soon. He was quoted by the New Straits Times as saying,

“We are slowly getting to the bottom of things and many of our senior officers are volunteering information accompanied, of course, by documents.”

“We think that within a short while we will have a case against him, we will be able to charge him.”

If you would like to read the entire document, the full PDF can also be accessed here. 

Also read: Najib in Trouble After Tun Mahathir Orders Police to Unseal 1MDB Report