1MDB's financial performance not satisfactory, PAC says
Astro Awani
April 7, 2016 03:59 MYT
April 7, 2016 03:59 MYT
1MDB's capital financing structure and financial performance are "not satisfactory" said the PAC.
1MDB's capital financing structure and financial performance are "not satisfactory" said the Public Accounts Committee (PAC).
This has led to weak corporate governance, the PAC said in its report, tabled in the Parliament today.
“After thorough investigation, PAC has found their financing structure and their financial performance to be unsatisfactory,” the report said.
The PAC which began its probe into the 1MDB in May last year, also found that the company's business model was too dependent on loans.
This had led to the 1MDB to have insufficient income to service loans and its operational costs, the report said.
In the report, the PAC had also urged the authorities to investigate 1MDB's former chief executive officer Datuk Shahrol Azral Ibrahim Halmi and those related for the company's weakness and constraints.
Shahrol Azral first gave his testimony to the PAC on Nov 25 last year on 1MDB's governance starting from the Terengganu Investment Authority (TIA) in 2009 until the official establishment of 1MDB in September 2009.