1MDB report: RM10.6bil of shares bought without detailed evaluation

KUALA LUMPUR: The purchase of RM10.6bil of Tanjong Energy Holding shares by 1Malaysia Development Berhad was done without a detailed evaluation, said the Parliamentary Public Accounts Committee (PAC).

“The buying of Tanjong Energy Holding Sdn Bhd shares with a bidding price of RM10.6bil on Feb 8 2012 was made without a detailed consideration of the method of funding, the loan costs and commitments that had to be borne by 1MDB for the acquisition,” said the PAC