Malaysia’s benchmark index retreated as profit-taking in key heavyweights weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI : 1,684.93 (-0.83%) FBM Mid 70: -0.00% (flat) FBM Small Cap: -0.23% FBM ACE: +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume: 3.54 billion shares Total value: RM4.19 billion Gainers: 456 Losers: 678 Unchanged: 550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY) +1.54% Petronas Gas (6033.MY) +1.18% Sunway (5211.MY) +1.15% Losers Hong Leong Bank (5819.MY) -3.29% Maybank (1155.MY) -3.02% CIMB (1023.MY) -2.47% Banking sector weakness was the main ...
1Malaysia Development Bhd (1MDB) has made a media statement, saying that its audited financial statements for 2013 and 2014 shouldn’t be relied on after U.S. prosecutors said more than $3.5 billion was misappropriated from the fund during a period that included those years.
"Whilst the Board remains confident that no wrongdoing has been committed by 1MDB and that the past audited financial statements continue to show a true and fair view of the company’s affairs at the relevant points in time, the Board has decided that, as a precautionary measure, the 2013 and 2014 audited financial statements of 1MDB should no longer be relied on by any party, pending final and conclusive determination by a court of law of certain alleged facts, as described in the Complaint."
It didn’t give a reason for the departure but said that Deloitte, which notified 1MDB on February 26, 2016 of its decision, will continue to audit its key subsidiaries. It is also mentioned in the statement that Deloitte will remain as auditor on record until a new auditor is appointed.
1MDB is currently at the center of a scandal, involving the investigations of several countries including Singapore, Switzerland, Luxembourg and the US. At least four of these countries are looking into money flows from the investment vehicle, which was established for national development according to Bloomberg.
The media statement was clear nonetheless, stating that the Board remains confident that no wrongdoing has been committed by 1MBD.
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