Connect with us


Guan Eng: 1MDB’s CEO Unaware of RM9.8 Bil Investments, PwC to Audit Company


&Quot;Najib Is Being Treated Way Better Than Me,&Quot; Says Anwar - World Of Buzz
Source: Sumisha Naidu | Twitter

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

The plot continues to thicken as our government has been uncovering more information regarding the world’s biggest financial scandal. Now, it looks like even more information is being unearthed by the Ministry of Finance, and things are not looking good for 1Malaysia Development Berhad’s (1MDB) leading executives!

According to the New Straits Times, Finance Minister Lim Guan Eng reportedly met with 1MDB chief executive officer (CEO) Arul Kanda, and two of its directors, Datuk Norazman Ayob and Datuk Kamal Mohd Ali to get a better idea of the company’s finances.

Lim Guan Eng: 1Mdb's Director Called Its Investments A Scam - World Of Buzz 3

Source: the mole

The finance minister had questioned them on 1MDB’s USD940 million (RM3.75 billion) investment units initially held with Singapore’s BSI Bank, and also on 1MDB Global Investments Ltd’s overseas investment funds worth USD1.56 billion (RM6.22 billion).

Lim Guan Eng told the press that these investments (which total up to RM9.8 billion) can be redeemed, and that this amount can be more than enough to settle the company’s financial obligations for the next few years.

In the meeting with Arul Kanda, the finance minister mentioned that the CEO claimed he was uncertain about the value (and even existence) of these investments, citing the fact that the company’s chief financial officer (CFO) was the one who handled all their financial matters. However, Lim is not buying it, as he told the press,

“It is completely unbelievable that a highly paid and ‘experienced’ investment banker can be so irresponsibly clueless as to not know whether RM9.8 billion worth of investments are even real.”

Lim Guan Eng: 1Mdb's Director Called Its Investments A Scam - World Of Buzz 2

Source: the star

“In fact, Arul is today singing a completely different tune from the songs he sang to the Public Accounts Committee (PAC) as recorded in the (Parliament) Hansard.”

It was recently reported that the finance minister was planning to order Arul Kanda to pay RM143.75 million for 1MDB’s debt by 30th May 2018. The CEO has also reportedly been on “gardening” leave until his contract ends next month (June 2018), according to Free Malaysia Today.

Meanwhile, Lim also mentioned that the company’s director, Datuk Kamal called these investments a “scam”, saying,

“The board of directors claimed they have repeatedly disputed the value and even the existence of these investments during the monthly board meetings.”

“This is because the 1MDB management has repeatedly failed to supply the board with any evidence over the existence of these investments over the past two years.”

Lim Guan Eng: 1Mdb's Director Called Its Investments A Scam - World Of Buzz 1

Source: nst

That’s not all, though! Lim Guan Eng added that 1MDB’s former chief financial officer, Azmi Tahir, actually stated that these investments did in fact exist. He continued,

“He (Azmi) gave the unbelievable excuse that the fund managers refused to communicate with 1MDB in writing because of the ongoing investigations by the United States Department of Justice (US DoJ).”

Haiyo, everyone’s saying something different!

As of now, the finance minister has instructed the ministry’s legal advisers to review Arul Kanda’s position as 1MDB’s CEO. He has also instructed auditing firm PricewaterhouseCoopers (PwC) to do a special position audit and review of 1MDB in hopes of finding out the exact cost of this scandal to Malaysian tax-payers.

“We will submit the PwC report to the 1MDB Special Committee set up by the Prime Minister once it is completed,” he concluded.

It’s good to know that a thorough investigation is on its way! Let’s hope all parties do their best to cooperate in efforts to facilitate investigations.


Also read: Lim Guan Eng Orders 1MDB CEO to Pay RM144 Million Debt By 30 May

 - World Of Buzz

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

Just In

Doa Too Fast Swing Chair Doa Too Fast Swing Chair
News3 hours ago

M’sian Dad Gets Hit On The Head With Wooden Chair After Scolding 34yo Son For Reciting Doa Too Fast

This might probably be the worst case of hangry that we’ve ever seen. On 25 March, Harian Metro reported that...

Ft Police 1 Ft Police 1
News5 hours ago

Elderly M’sian Who Allegedly Got Assaulted by MBPJ Officer is Being Investigated For Obstruction

A few days ago, an elderly man was in the spotlight after a video of him getting allegedly assaulted by...

Ft Puspakom Ft Puspakom
News1 day ago

Govt to End Puspakom Monopoly on Vehicle Inspections by Next Year

Following the announcement that Touch ‘n Go’s monopoly is set to end soon, it appears that the Transport Ministry have...

My Post 1 2023 03 24T160957.983 My Post 1 2023 03 24T160957.983
News2 days ago

PDRM in Search of Gang Who Rampaged Funeral of Man Who Was Shot Dead in Johor

The Royal Malaysia Police (PDRM) are currently on the hunt for 20 people who are believed to be members of...

My Post 1 2023 03 23T174955.655 My Post 1 2023 03 23T174955.655
News3 days ago

Zakir Naik May Be Arrested & Deported Back To India Soon

Various news agencies in India have reported that the Islamic preacher, Dr Zakir Naik, who is wanted by the Indian...

Ft Harm Ft Harm
News3 days ago

M’sian Teen Injures Himself After Being Falsely Accused by Teachers on Ties With Female Student

A Form Four student has injured himself with a broken glass in class after 2 teachers allegedly forced him to...

Collage 2 1 Collage 2 1
News4 days ago

Consumers’ Assoc Penang Says F&B Operators Should Not Impose Extra Fee for Not Ordering Drinks

A coffee shop in Penang recently made headlines for the wrong reasons after they publicly shamed a customer for not...

Ft Ft
News4 days ago

M’sian Couple Who Works as Massage Therapists is Charged For Selling 20yo OKU Daughter For Sex

Members from the differently-abled community often get taken advantage of by others. However, what makes the situation even worse is...


Latest Videos