1MDB’s accounts finally submitted

PETALING JAYA: 1Malaysia Development Bhd (1MDB) has submitted its long-awaited accounts for the financial year ended March 31, 2013 on April 9, according to the Companies Commission of Malaysia (SSM).
"1MDB has submitted the company's annual return together with the audited financial statement for the financial year ended March 31, 2013 on April 9, 2014," SSM told Sunbiz via an email reply yesterday.
"As such, 1MDB has complied with the requirement of section 165(4) Companies Act 1965 (Act 125) which requires company to submit its annual return within one month after the annual general meeting (AGM)," it added.
The sovereign wealth fund was supposed to have filed the annual returns with the SSM by Sept 30, 2013 but had obtained a six-month extension to do so. The extension ended on March 31, 2014.
SSM also revealed that 1MDB had already held its AGM on March 31, and that its audited financial statement had been submitted within a one month period from the AGM date, in accordance with the Act.
SSM had previously said that it was monitoring the situation closely and would not hesitate to take action against the company and directors for running afoul of the Companies Act 1965.
1MDB also pointed oiut that 1MDB had only changed its auditors once since it was incorporated on February 27, 2009.
"The company has changed its auditor on one occasion only, from KPMG to Deloitte, and not several times as reported in the newspaper," SSM said.
SSM also said that the appointment or removal of company's auditor is an internal matter of a company.
"In this respect, the removal of KPMG as 1MDB's auditor was carried out in accordance with section 172 of the Company Act 1965,"it added.
In February this year in the midst of finalising its FY13 accounts, 1MDB had appointed Deloitte to replace KPMG, as its auditors.
1MDB is wholly owned by the Minister of Finance Inc, and registered net profits of RM44.72 million from RM633.18 million in revenue for its financial year ended March 31, 2012.
Last month, 1MDB was awarded an RM11 billion contract to build a 2,000 MW coal fired power plant dubbed Project 3B, despite its bid being higher than a consortium made up of YTL Corp Bhd and SIPP Energy Sdn Bhd.