PETALING JAYA: Lessons can be learnt from the 1MDB controversy as the country progresses forward,, said CIMB group chairman Datuk Seri Nazir Razak.
Nazir, who spoke at the StarLIVE Business Series: Power Talks at Menara Star - attended by Star Media Group chairman Datuk Fu Ah Kiow and Star Media Group CEO Datuk Seri Wong Chun Wai - on Saturday said this was so that there would not be a moral hazard where people think they can get away with anything.
He added that that people responsible for any wrongdoings should be held accountable so that no one would dare to do it again.
“Something did go wrong in 1MDB and no one can deny that. The total debt was way out of range of its capital base. Secondly in 2009, 1MDB raised a RM5bil bond n the capital market but I was not privy to information about it,” said Nazir while responding to the audience during the question-and-answer session.
However, he added that his bonds team showed me that the transactions were not properly priced and was handled in a very unusual manner.
“So in 2009, based on public information, I said that something is not right in 1MDB,” said Nazir.
He added that there was also lack of transparency in its deals and that there were concerns over the changing of auditors and delayed accounts.
“In terms of the magnitude of the wrongdoing, what went wrong and who did wrong, that’s the job of the Auditor-General, the PAC (Public Accounts Committee) and that work is still in progress,” he said.