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Saturday, July 11, 2015

1MDB accuses The Star of sloppy reporting in 2 articles

Public Accounts Committee chairman Datuk Nur Jazlan Mohamed with a copy of the auditor-general’s interim report into 1MDB two days ago. The state investment vehicle says today an English daily has presented ‘unsubstantiated opinions as fact’ in its reports on 1MDB. – The Malaysian Insider pic by Seth Akmal, July 11, 2015.Public Accounts Committee chairman Datuk Nur Jazlan Mohamed with a copy of the auditor-general’s interim report into 1MDB two days ago. The state investment vehicle says today an English daily has presented ‘unsubstantiated opinions as fact’ in its reports on 1MDB. – The Malaysian Insider pic by Seth Akmal, July 11, 2015.
1Malaysia Development Berhad (1MDB) today denied two reports in English daily The Star on the company's operations, accusing the newspaper of "sloppy reporting".
The state investment vehicle said an article, quoting unnamed investigators looking through its books who discovered that nearly RM13 billion assets could not be liquidated easily, was "clearly wrong".
"This is clearly wrong as the notes to the March 30, 2014 financial statements of 1MDB, as audited without qualification by Deloitte, describe how US$1.22 billion (about RM4.6 billion) of these assets had in fact been liquidated and cash proceeds utilised," 1MDB said In a statement.
"There was a valuation report prepared when the investment was made and 1MDB has in fact submitted the same report to the lawful authorities for their review," the daily said.
1MDB expressed concerns that The Star was presenting "unsubstantiated opinions as fact" in its reports.
"1MDB is concerned that a regulated and licensed newspaper such as The Star is presenting such unsubstantiated opinions as fact in its reporting. 
"Further, it is a well-known fact that a number of lawful authorities are conducting investigations on 1MDB and no final determination has yet to be made.
"Such sloppy reporting by The Star, a regulated and licensed newspaper, is disappointing," it added.
The company, which has accrued RM42 billion debts since it started operating six years ago, said Parliament's Public Accounts Committee had clearly stated that there was "nothing suspicious" in the interim report presented by the auditor-general to the panel two days ago.
Both the Auditor-General and the committee are also looking into 1MDB's operations.
"It is, therefore, clear there is no truth to allegations that ‘RM42 billion’ or ‘RM16 billion’ is missing, an allegation that has been repeated by various parties," said 1MDB, reiterating its commitment to fully cooperate with the various investigations.
- TMI

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