Published: Wednesday June 27, 2012 MYT 4:40:00 PM
Updated: Wednesday June 27, 2012 MYT 4:51:09 PM
PAC: 1MDB's accounts in order
By MARTIN CARVALHO
KUALA LUMPUR: The accounts of the 1Malaysia Development Bhd's (1MDB) are healthy and in order without discrepancies said Public Accounts Committee (PAC) PAC chairman Datuk Seri Azmi Khalid on Wednesday.
“So far from what we can see, technically speaking their (1MDB) accounts are in order.
“1MDB's has a healthy balance sheet which also shows profits for its investments,” he told reporters after the committee's 1MDB hearing at Parliament House.
He described the company's balance sheet as tranparent' and also showing a healthy cash flow.
“I do not want to go into the details as they are available on-line,” he said.
He said there was initial perception that 1MDB's financial statement for the year 2011 were confidential documents but were in fact accessible to the public via the Registrar of Companies website.
However, he noted that balance sheet was only one out of the seven requested by the committee's in hearing last Nov.
“Only one document was submitted by 1MDB as the other documents can only be submitted following approval from shareholders of the company PetroSaudi International,” he said, adding that companies were usually concerned about revealing details of investments.
He noted several committee members still shared concerns with regard to 1MDB's dealings, with the matter forwarded to the Auditor-General for further queries.
The PAC probe into 1MDB's RM3.5bil investment with Saudi Arabia's PetroSaudi International Limited two years ago follows allegations by Pakatan Rakyat Opposition of discrepancies in the deal.
1MDB, introduced in September 2009, is wholly owned by the Government and serves as a strategic enabler for new ideas and sources of growth to propel economic transformation.