PUTRAJAYA: 1Malaysia Development Bhd (1MDB) directors have confirmed that the company is unable to repay its debts, says Finance Minister Lim Guan Eng.He said former 1MDB Chief Financial Officer, Azmi Tahir, had written in March to the Ministry of Finance to state that 1MDB would not be able to service its interest due in April and May 2018.Lim said he had instructed the ministry to appoint PricewaterhouseCoopers (PwC) to conduct a special position audit and review of 1MDB. "We will then be able to determine the cost of the shenanigans to the tax-payers. "The reason we called 1MDB is because we have to sign authorisation to pay debts on behalf of 1MDB by the end of this month. "I have instructed Finance Ministry officials to take over (the 1MDB office) as shareholders. "This is because the 1MDB management has repeatedly failed to supply the board with any evidence over the existence of these investments over the past two years," he explained.He also revealed that Kamal had called these 1MDB investments as "a scam".Speaking separately, Azmi had said these "investments" existed even though BSI Bank was wound up, according to Lim.

Source: The Star May 23, 2018 14:03 UTC