'Weak corporate governance' cause of 1MDB's muddled financials

Singapore

THE top executives, directors and auditors of 1Malaysia Development Berhad (1MDB) should be blamed for the state-owned firm's muddled financial state which has turned into a national scandal, said the chief of a Malaysian parliamentary committee.

"The management, board and the auditors should shoulder a major part of the blame," Public Accounts Committee (PAC) chairman Nur Jazlan Mohamed told The Business Times. "There were weaknesses in the governance and I wish the auditors had played their part to flag issues earlier for corrective action.