PAC to probe 1MDB-PetroSaudi deal
S PathmawathyPublished: Nov 21, 2011 10:25 AM | Updated: Nov 21, 2011 10:31 AM
The Public Accounts Committee (PAC) will haul up 1Malaysia Development Bhd (1MDB) to answer alleged discrepancies in its business dealings with PetroSaudi International Ltd.
The Public Accounts Committee (PAC) will haul up 1Malaysia Development Bhd (1MDB) to answer alleged discrepancies in its business dealings with PetroSaudi International Ltd.
The committee has finally decided to get cracking on allegations about the discrepancies made five months ago by Opposition Leader Anwar Ibrahim.
Anwar in June highlighted 1MDB's dealings with PetroSaudi, saying that IMDB disposed of investments in its joint venture with PetroSaudi International barely five months after the joint venture was inked.
Anwar had written to the PAC then, asking the parliamentary committee to unearth details of 1MDB's RM3.5 billion investment in 1MDB PetroSaudi Ltd and the subsequent RM4.1 billion sale back to PetroSaudi International, recording a profit of RM615 million.
"Because there was a letter written by one MP and since the letter was written to PAC, we just want to find out. At least, for the first time, we want hear about the company. We don't know much about it," PAC chairperson Azmi Khalid (left) said today.
However, the BN's Padang Besar MP stayed mum on whose complaint the committee was acting on, only saying that he was not aware as to who would represent 1MDB to answer the queries from PAC.
A PAC source said later that 1MDB, would also be queried on other controversies, among them the RM1.11 billion allocated to the strategic investment agency under the 2012 Budget to redevelop the Sungai Besi air base.
1MDB, which is the government's sovereign wealth fund, was given the rights to develop the prized land in Sungai Besi, currently a base for the Royal Malaysian Air Force, into a multi-billion ringgit commercial zone.
The opposition has demanded to know why 1MDB was being granted such a huge sum when the company was capable of generating its own funds.
The PAC source said that 1MDB would also be probed on the RM26 billion Kuala Lumpur International Financial District project.
The committee has finally decided to get cracking on allegations about the discrepancies made five months ago by Opposition Leader Anwar Ibrahim.
Anwar in June highlighted 1MDB's dealings with PetroSaudi, saying that IMDB disposed of investments in its joint venture with PetroSaudi International barely five months after the joint venture was inked.
Anwar had written to the PAC then, asking the parliamentary committee to unearth details of 1MDB's RM3.5 billion investment in 1MDB PetroSaudi Ltd and the subsequent RM4.1 billion sale back to PetroSaudi International, recording a profit of RM615 million."Because there was a letter written by one MP and since the letter was written to PAC, we just want to find out. At least, for the first time, we want hear about the company. We don't know much about it," PAC chairperson Azmi Khalid (left) said today.
However, the BN's Padang Besar MP stayed mum on whose complaint the committee was acting on, only saying that he was not aware as to who would represent 1MDB to answer the queries from PAC.
A PAC source said later that 1MDB, would also be queried on other controversies, among them the RM1.11 billion allocated to the strategic investment agency under the 2012 Budget to redevelop the Sungai Besi air base.
1MDB, which is the government's sovereign wealth fund, was given the rights to develop the prized land in Sungai Besi, currently a base for the Royal Malaysian Air Force, into a multi-billion ringgit commercial zone.
The opposition has demanded to know why 1MDB was being granted such a huge sum when the company was capable of generating its own funds.
The PAC source said that 1MDB would also be probed on the RM26 billion Kuala Lumpur International Financial District project.
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