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1MDB board offers mass resignation amid proposed management probe

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1MDB board offers mass resignation amid proposed management probe

1MalaysiaDevelopment Bhd.'s entire board of directors offered to resign April 7 after aparliament inquiry recommended that the fund's top management face criminalinvestigation, The Wall Street Journalreported the same day.

A reportfrom the Public Accounts Committee said there are certain constraints andweaknesses at 1MDB's management and board of directors, and that former CEOShahrol Azral Ibrahim Halmi and the management should be placed underinvestigation.

Shahrol wasunavailable to comment on the matter, the publication said.

The reportdid not mention Prime Minister Najib Razak, despite earlier investigations thatrevealed more than US$1 billion was transferred to his personal accountsthrough the fund. Tony Pua, a member of the committee, said the prime ministerwas not mentioned in the report because the fund's management claimed he didnot direct them. He added that the report failed to detail certaininternational money trails related to the fund.

Othercountries lookinginto the case have enlisted the cooperation of certain .