May 23, 2018 / 11:32 AM / a year ago

Malaysia's finance ministry picks PwC to audit 1MDB

KUALA LUMPUR, May 23 (Reuters) - Malaysia’s newly appointed finance minister said on Wednesday that he has asked for PricewaterhouseCoopers (PwC) to appointed for a review and audit of scandal-hit state fund 1Malaysia Development Berhad (1MDB).

The choice of auditing firm was given by Lim Guan Eng in a statement issued after he met with some 1MDB directors and the fund’s president, Arul Kanda.

“The Directors of 1MDB confirmed that 1MDB was “insolvent” and was unable to repay its debts,” Lim said. He said he has asked the ministry’s legal advisers to review Arul’s position at 1MDB.

Reporting by Joseph Sipalan; writing by Praveen Menon; Editing by Simon Cameron-Moore

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