KUALA LUMPUR: 1Malaysia Development Berhad (1MDB) has denied an allegation by DAPâ€™s Tony Pua that the Finance Ministry and the company directors were â€œrefusing to allow Deloitteâ€ to begin auditing the nationâ€™s sovereign fund.
In a statement, president and group executive director of 1MDB Arul Kanda Kandasamy described Puaâ€™s statement published in news portal The Malaysian Insider as â€œabsolutely incorrect and untrueâ€.
â€œThe board and management of 1MDB met Deloitte as early as February to discuss commencement of an audit after the financial year ended on March 31, 2015,â€ Arul said.
He added that the audit of a major 1MDB subsidiary, Edra Global Energy Berhad â€œhas already commenced and is well under wayâ€.
â€œ1MDB is currently undergoing a thorough review and investigation of its accounts by the National Audit Department. Management time is fully focused on this, given the significant public interest to complete the review as soon as possible,â€ Arul further stated.
Meanwhile, Arul added that the board of 1MDB has maintained a regular dialogue with Deloitte on the audit process and a further update will be issued when appropriate.