KUALA LUMPUR, March 30 (Bernama) -- Bursa Malaysia’s benchmark index closed lower today, in line with most regional markets, as investors adjusted their risk exposure amid spiralling oil prices driven by the ongoing West Asia conflict, now in its second month. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) retreated by 24.75 points or 1.44 per cent to 1,687.90 from Friday’s close of 1,712.65. The market bellwether opened 10.57 points weaker at 1,702.08 and fluctuated between 1,682.79 and 1,702.38. The broader market was bearish, with decliners thumping advancers 956 to 371. A total of 373 counters were unchanged, 1,042 untraded and 134 suspended. Turnover expanded to 3.98 billion units worth RM4.85 billion from last Friday’s 2.97 billion units worth RM3.25 billion.
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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