Parliamentary inquiry finds extensive mismanagement but does not mention PM Najib Razak,who was behind creation of debt-laden fundThe heavily indebted Malaysian state investment fund 1MDB has said its entire board of directors has offered to resign, after a parliamentary inquiry found extensive mismanagement and called for a police investigation into the funds former head.
In a report submitted in parliament on Thursday, and the public accounts committee said it found 1MDBs financial performance “unsatisfactory”. The funds debts ballooned from 5bn ringgit (£906m) in 2009 to 50bn ringgit this January.
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Source: theguardian.com