Prime Minister,Najib Razak has said the Public Accounts Committee report on 1Malaysia Development Berhad shows that RM42 billion is not missing from the company as alleged by former Prime Minister Dr Mahathir Mohamad.

The Prime Minister said that besides showing that the allegation by Dr Mahathir was false, the report identified weaknesses in 1MDB’s capital structure and management.

“We will study and act on the report’s recommendations.

“We must ensure that lessons are learned, and action will be taken if any evidence of wrongdoing is found,” he said in a statement commenting on the report, which was tabled in the Parliament.

Najib said it was now clear that allegations by Dr Mahathir against 1MDB were motivated by personal interest, “not the national interest, and a desire to unseat the government”.

The Prime Minister said he instructed the Cabinet in March 2015 to ask the Auditor-General to conduct an independent investigation into 1MDB’s financial accounts following the multiple grave allegations made against 1MDB, such as Dr Mahathir’s claim that RM42 billion had gone missing.

“To ensure that this was a transparent process, we also instructed that the findings be passed for review to the Public Accounts Committee – a bipartisan body that includes opposition parliamentarians,” he said.

Najib said that after an exhaustive process, the PAC today released a report with its findings to Parliament.

“This report represents a consensus by the PAC members, and its findings are based on facts and hundreds of hours of reviews and investigations.

“I would like to thank the National Audit Department and PAC for producing a comprehensive, conclusive and definitive report.

“Having reviewed it, I note that the PAC’s report shows that RM42 billion is not missing from 1MDB, as had been alleged by Tun Mahathir,” he said.

Najib said the government would continue to focus on “our economic plan and strengthening the economy – which has continued to show resilience in the face of global challenges”.