Thursday, February 2

No loss from 1MDB loan to PetroSaudi — PAC chairman


KUALA LUMPUR: The Public Accounts Committee, in its initial investigation, has found that the US$1 billion loan given by 1Malaysia Development Berhad (1MDB) to PetroSaudi International Limited did not cause any loss.

PAC chairman Datuk Seri Azmi Khalid said the loan was probably a business strategy implemented by 1MDB to gain positive continuous returns.

“So far, the loan does not cause any loss. In fact, the value has increased and they are getting more income through the dividends.

“So, the loan is probably their strategy to enable the company to gain continuous returns for 11 years,” he told a press conference after chairing the committee meeting at Parliament building here yesterday.

Economic Planning Unit director-general Datuk Dr Rahamat Bivi Yusoff and 1MDB chief executive officer Shahrol Azral Ibrahim Halmi also attended the meeting.

Azmi said the investigation was done following a letter from opposition leader Datuk Seri Anwar Ibrahim, requesting the committee to investigate the business transactions involving the two companies. PAC will call 1MDB representatives to submit other documents pertaining to the transaction next January, he said.

“We still need to scrutinise several documents because there are certain issues that have been raised and 1MDB had promised to submit the documents to us,” he said. — Bernama