1MDB board is jumping ship on Ah Jib 阿进 Resign!

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An honorable member of the Coffee Shop Has Just Posted the Following:

http://www.channelnewsasia.com/news/...s/2673826.html




Asia Pacific

1MDB board offers resignation
This follows the report released by the parliamentary Public Accounts Committee which said it found the financing and performance of 1MDB "unsatisfactory".

Posted 07 Apr 2016 15:49 Updated 07 Apr 2016 15:57

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Construction workers stand in front of a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia February 3, 2016. REUTERS/Olivia Harris/Files

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KUALA LUMPUR: The board of directors of Malaysian state fund 1MDB on Thursday (Apr 7) offered to resign in the wake of the Public Accounts Committee's (PAC) inquiry into the state fund.

The bipartisan PAC, which tabled the much delayed report in parliament, said it found the financing and performance of 1MDB "unsatisfactory".

"The PAC Report has identified a number of weaknesses in the governance and decision-making of 1MDB," 1MDB said in a statement.

"With the benefit of hindsight, we can understand how the National Audit Department and the PAC could find such lapses and shortcomings. However, it is important to understand that the decisions were made in the context of specific transactions at that point in time.

"Furthermore, 1MDB is a complex company, with multiple roles of undertaking large strategic projects, establishing collaboration with foreign government entities and attracting foreign direct investment (FDI) to Malaysia."

It added: "The Board has successfully steered 1MDB through a uniquely challenging period and trusts that, with the release of the PAC Report, a line has been drawn. However, given the findings of the PAC Report, the Board has collectively this morning decided to offer its resignation to MoF Inc., the 100% shareholder of 1MDB.

"This has been a difficult decision to take but we believe is the right thing to do, given the circumstances, in order to facilitate any follow-up investigations as recommended by the PAC."


- CNA/rw


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