1MDB Profits Questionable

From Malaysiakini

Opposition Leader Anwar Ibrahim has called on Parliament and the Auditor-General’s office to investigate “questionable financial transactions” involving government-owned company 1Malaysia Development Bhd (1MDB).

He said there is no proof to support 1MDB’s performance.

This is despite Prime Minister Najib Abdul Razak’s announcement that the company had made a net profit of RM425 million in its first year of operations ending March 31, 2010,

“The announcement … is highly questionable because, upon closer inspection, its financial statement shows that its profits were not from its actual investments or business operations but through paper shuffling,” Anwar said today when debating the Supplementary Supply Bill.

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