KUALA LUMPUR: The Parliamentary Public Accounts Committee (PAC) has found that 1Malaysia Development Berhad’s (1MDB) RM3.895bil (US$1bil) joint-venture with PetroSaudi was done without due diligence.
“The US$1bil investment by 1MDB in this joint venture was done without a due-diligence process; there are no specific details on the project stated on the proposal paper that was prepared by management and no feasibility study was done on the investment project that would be carried out,” said the PAC in a 106-page report on 1MDB tabled on Thursday in Parliament.
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