PAC: 1MDB directors repeatedly given inaccurate info

PETALING JAYA: The 1Malaysia Development Bhd board of directors was repeatedly given inaccurate information by the management of the government investment arm, said the Public Accounts Committee.

Among the instances highlighted by the PAC in its report on 1MDB was that the board had been told by the management that a joint-venture agreement signed on Sept 28, 2009, and a press statement of Sept 30, 2009 announcing the signing of the agreement referred to PetroSaudi Holdings (Cayman) Ltd as "PSI", while the written resolution of the sole director of the company which was signed by Tarek Obaid referred to the same company as "PSH".