KUALA LUMPUR, June 18 (Bernama) -- Bursa Malaysia’s key index finished marginally higher, supported by strong buying interest in consumer-related counters, amid mixed performance across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 1.40 points, or 0.08 per cent, to 1,711.39 from Tuesday's close of 1,709.99. The key index opened 12.36 points firmer at 1,722.35 and moved between 1,711.31 and 1,722.63 throughout the session. Market breadth was negative, with losers leading gainers 678 to 493, while 549 counters were unchanged, 1,016 untraded and 34 suspended. Turnover increased to 4.50 billion units worth RM3.45 billion from 3.93 billion units worth RM3.45 billion on Tuesday.
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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