KUALA LUMPUR: A five-member committee has been set up to look into matters relating to scandal-hit state fund 1Malaysia Development Berhad (1MDB), announced Malaysia's Council of Eminent Persons on Thursday (May 17).
"Until and unless the issue of 1MDB is resolved, there will be questions that undermine public confidence in the government and its institutions," said the council, which was established by Prime Minister Mahathir Mohamad to advise the new Malaysian government on economic and financial matters.
The new 1MDB committee includes former Malaysian Attorney-General Abu Talib Othman as well as senior adviser to the Indonesian financial services authority Faris Rabidin.
The other three members are accounting firm PwC's Nik Shahrizal Sulaiman, law firm Naqiz & Partners' Syed Naqiz Shahabuddin Syed Abdul Jabbar, as well as Cynthia Gabriel, founder of the Centre to Combat Corruption and Cronyism.
Malaysian police conducted searches through the night into Thursday morning at five locations linked to former prime minister Najib Razak, as they continue investigations into 1MDB, which was founded by Mr Najib.
Dr Mahathir had said there was sufficient evidence to investigate the multi-billion-dollar scandal at 1MDB, and vowed to take action against those who may have abetted or benefited from corruption at the fund.
At least six countries, including the United States and Switzerland, are investigating claims that US$4.5 billion was allegedly siphoned off from 1MDB.
Mr Najib has denied any wrongdoing.