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Thursday, June 11, 2015

‘MOF breaking law if 1MDB year-end audit delayed’


The Ministry of Finance may be liable for delaying the annual audit of the scandal-ridden investment arm 1Malaysia Development Bhd (1MDB).

Petaling Jaya Utara MP Tony Pua said it was “highly surprising” that 1MDB has not commenced its audit, which should have began two months before the end of the financial year and which ought to be completed and submitted by September.

“Given the size and complexity of the company, it is once again assured that 1MDB will be late for the submission of its financial statements to the Companies Commission.

“Clause 169(1) of the Companies Act states very clearly that a companies’ audited report must be lodged with the commission within 6 months after the financial year end,” said Pua in a statement today.

“Hence the Ministry of Finance and directors of the company are wilfully flouting the law by refusing to allow (its auditor) Deloitte to commence the audit of the company, which will result in the failure by the company to submit its accounts by the 30 September 2015 due date,” he said.

Pua pointed out that Clause 171(1) of the Companies Act dictates five-year imprisonment or a fine of RM30,000 “if any director of a company fails to comply or to take all reasonable steps to secure compliance by the company… has by his own wilful act been the cause of any default by the company thereunder, he shall be guilty of an offence against this Act.”

At the Public Accounts Committee (PAC) hearing yesterday it was revealed that 1MDB’s auditor Deloitte has not been reappointedto conduct the audit for the year ending 2015.

While not ruling out the ministry may have appointed another auditor, PAC chairperson Nur Jazlan said, “Good practice says they should have already completed their task (auditing) by now.”

[More to follow] -Mkini

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