KUALA LUMPUR: Describing the audit of 1Malaysia Development Bhd (1MDB) as the most challenging task in his over 10 years of service as the country’s auditor-general, Tan Sri Ambrin Buang yesterday called the strategic investment firm a “disgrace”.
Ambrin, the auditor-general from February 2006 to February 2017, made this statement when addressing auditing professionals at the Asian Confederation of Institutes of Internal Auditors Conference 2018, where he posed this question to the floor: Is 1MDB a scandal or a wrong business model?
“Whether it’s a scandal or a wrong business model you can’t run away from the question of who is to blame. If it is a scandal let the criminal investigators prove it in court.
“And if it is a business model, the question is: why so much of recklessness from a government-owned company? Why so little due diligence done.
“[For example] for an oil and gas venture, did you [1MDB] seek help from Petronas? Did the directors [of 1MDB] have the expertise to handle international oil and gas business, which is a high-risk business? Why rival Petronas?
“Why rival Khazanah Nasional Bhd as a strategic investment firm? Khazanah has all the instruments of good…
