Have our standards of governance dropped so low? asks Nazir Razak after 1MDB audit delay

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KUALA LUMPUR, June 12 — CIMB group chairman Datuk Seri Nazir Razak has waded into the debate over the reported delay in the latest audit on 1Malaysia Development Berhad (1MDB), taking to social media yesterday to ask how such a thing could be allowed to happen.

On photo-sharing social network Instagram, Nazir, who is also the brother of Prime Minister Datuk Seri Najib Razak, also suggested that the two-month delay in the troubled firm’s audit was a reflection of bad governance in government-linked companies.“I am perplexed why your March 2015 audit has not even started? How is this allowed?

“Has standards of GLC governance dropped so low?” he asked in the Instagram post, captioning a picture of 1MDB.Yesterday, DAP MP Tony Pua accused 1MDB’s directors and Putrajaya of blocking Deloitte Malaysia from commencing its latest audit on the firm and claimed that this would like cause it to again miss its deadline for the submission of financial statements to regulator Companies Commission of Malaysia.1MDB’s financial year ended on March 31, which means it must submit its annual audited accounts no later than September 30.

But Deloitte had on Wednesday disclosed to Parliament’s Public Accounts Committee that it had yet to receive instructions to start the audit.Responding yesterday, 1MDB CEO Arul Kanda Kandasamy said that Deloitte Malaysia’s audit on Edra Global Energy was “well under way” and that 1MDB’s board and management had met the auditing firm as early as February to discuss starting an audit after the financial year-end of March 31.

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