[KUALA LUMPUR] An interim report by the Malaysian government into debt-laden state investment fund 1Malaysia Development Berhad (1MDB) has found nothing suspicious after vetting its accounts, a parliamentary committee said on Thursday.
The bi-partisan Public Accounts Committee (PAC) said the report by the auditor-general revealed nothing out of the ordinary but criticised 1MDB for failing to fully cooperate in investigations. "There is nothing suspicious in the interim report," said Nur Jazlan Mohamed, head of the PAC, a group tasked to examine government accounts. "1MDB is not fully cooperating with the auditor-general," Jazlan told a news conference.
1MDB, with debts of over US$11 billion, is being probed by authorities for financial mismanagement and graft. The firm is an entity of the country's finance ministry, and Prime Minister Najib Razak chairs its advisory board.
Last week the Wall Street Journal (WSJ), citing documents from a government probe, reported that Najib had close to US$700 million in deposits from 1MDB wired into his personal account.
Reuters have not verified the WSJ report.
Mr Najib has denied taking some US$700 million for his personal gain while 1MDB said the allegations were "unsubstantiated".
On Wednesday, police raided 1MDB's office to collect materials for its ongoing investigations. Meanwhile Najib is currently weighing his legal options against the Journal.