Board of Indebted Malaysia Fund Offers to Resign After Probe

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Source:   —  April 07, 2016, at 1:09 PM

In a report presented in Parliament on Thursday, the Public Accounts Committee said it found 1MDB'south financial performance "unsatisfactory," with debts ballooning from five billion ringgit ($1.28 billion) in two thousand-ninth to fifty billion ringgit ($12.8 billion) this January.

Heavily indebted Malaysian state investment fund 1MDB says its all board of directors has offered to resign after a parliamentary inquiry found mismanagement and called for a probe into the fund'south former head.

In a report presented in Parliament on Thursday, the Public Accounts Committee said it found 1MDB'south financial performance "unsatisfactory," with debts ballooning from five billion ringgit ($1.28 billion) in two thousand-ninth to fifty billion ringgit ($12.8 billion) this January.

The report said the government, which has given loans to the fund, could face losses of around 20.31 billion ringgit ($5.2 billion) if 1MDB fails to pay off its debts.

1MDB said the board believes its resignation is the right thing to do to alleviate any follow-up investigations.

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