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1MDB Report: RM10.6bil Of Shares Bought Without Detailed Evaluation

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KUALA LUMPUR: The purchase of RM10.6bil of Tanjong Energy Holding shares by 1Malaysia Development Berhad was done without a detailed evaluation, said the Parliamentary Public Accounts Committee (PAC).

“The buying of Tanjong Energy Holding Sdn Bhd shares with a bidding price of RM10.6bil on Feb 8 2012 was made without a detailed consideration of the method of funding, the loan costs and commitments that had to be borne by 1MDB for the acquisition,” said the PAC

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 former 1MDB chairman Tan Sri Lodin Wok Kamaruddin, current president and CEO Arul Kanda Kandasamy and former CEO Datuk Shahrol Azral Ibrahim Halmi.-The Star Online

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