KUALA LUMPUR(Oct 30): Calling the audit of 1Malaysia Development Bhd (1MDB) the most “challenging task” in his more than 10 years of service as the country’s auditor-general, Tan Sri Ambrin Buang today referred to the strategic investment firm as a “disgrace”.
Ambrin, the auditor-general from February 2006 to February 2017, made this statement when addressing a roomful of 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 board of 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?…
