PAC didn’t blame Arul for 1MDB’s mismanagement, court told

Free Malaysia Today

UK-based financial fraud investigator Richard Templeman admits he and the PAC arrived at different conclusions regarding the 1MDB financial crisis.   Read More: https://www.freemalaysiatoday.com/category/nation/2024/09/10/pac-didnt-blame-arul-for-1mdbs-mismanagement-court-told/  Laporan Lanjut: https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/09/10/pac-tak-salahkan-arul-kanda-berkait-salah-urus-1mdb-mahkamah-diberitahu/  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #PAC #ArulKanda #1MDB #FundMisManagement

Transcript

00:00The Public Accounts Committee did not blame former 1MDB president and CEO Arul Kandakandasamy

00:08for 1MDB's mismanagement in 2016, the Kuala Lumpur High Court was told today.

00:14UK-based financial fraud investigator Richard Templeman attributed the blame to Arul, differing

00:19from the PAC's conclusion that former CEO Shahrul Azharul Ibrahim Halmy was responsible.

00:25Templeman confirmed that the PAC's findings and his own conclusions were different, and

00:30also confirmed that Arul's name was not mentioned in the U.S. Department of Justice's

00:34civil lawsuit in 2016.

00:36In 2016, the PAC released a 106-page report concluding that 1MDB's financial problems

00:43were primarily due to mismanagement by Shahrul.

00:46Templeman was responding to a cross-examination by Arul's counsel Sanjay Mohan during the

00:50hearing of 1MDB's $6.59 billion U.S. lawsuit against Arul and former Treasury Secretary

00:57General Irwan Sirigar Abdullah.

00:59In May 2021, 1MDB filed a lawsuit against Irwan and Arul over alleged breach of trust

01:05and conspiracy that resulted in $1.83 billion in losses related to the company's investment

01:11in 1MDB PetroSaudi Ltd.

01:141MDB alleged that both defendants committed breach of trust and conspiracy by misappropriating

01:19$3.5 billion U.S. in company funds paid to Abar Investments and $1.265 billion U.S. paid

01:26to the International Petroleum Investment Company on May 9, 2017.

01:301MDB is seeking $6.59 billion U.S. in damages from both defendants and an additional 2.9

01:37million ringgit from Irwan related to the extension of the employment agreement.

Category

Transcript

Recommended