KUALA LUMPUR: The Parliamentary Public Accounts Committee (PAC) has found that former 1Malaysia Development Berhad (1MDB) chief executive officer Datuk Shahrol Azral Ibrahim Halmi (pic) should be held responsible for the "weaknesses and constraints" faced by the state investment arm.
"We urge the authorities to conduct an investigation on Shahrol and those related," said the PAC in a 106-page report on 1MDB tabled on Thursday in Parliament.
The PAC probe into 1MDB began in May 2015 but was abruptly halted in July following a Cabinet reshuffle that saw first-time MP Datuk Hasan Arifin replacing former committee chairman Datuk Nur Jazlan Mohamed, who was appointed Deputy Home Minister.
Among those called to testify before the PAC were 1MDB chairman Tan Sri Lodin Wok Kamaruddin, current president and CEO Arul Kanda Kandasamy and Shahrol.
As a state investment arm, PAC said, 1MDB should have implemented "best practices in their management."
"After looking through the final reports by the Auditor-General Department and PAC proceedings, we have found that the management and the board of directors was weak.
"The management had repeatedly not complied with decisions and orders made by the board of directors or the management took its own decisions before going though it with the board of directors," said PAC.There were also a few investments and huge loans secured that were done without proper valuation and its impact on the company's cash flow, said PAC.
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