The Cabinet supports the directive by Prime Minister Datuk Seri Najib Razak to have the accounts of 1Malaysia Development Berhad (1MDB) independently verified by the Auditor-General.

In a statement today, Rural and Regional Development Minister Datuk Mohd Shafie Apdal said the Cabinet was briefed by 1MDB and its auditors, Deloitte, on a number of allegations made against the strategic investment fund.

He said the clarifications provided by 1MDB and the auditors indicated that there had been no wrongdoing within the company.

"The Auditor-General’s report will be forwarded to the Public Accounts Committee, which is fully bi-partisan, for further scrutiny," he said in the statement.

Yesterday, Najib, who is also Finance Minister, had also pledged that if any wrongdoing is proven, 1MDB would face legal repercussions.

Last Sunday, a news portal had reported that its ‘in-depth investigation’ with a foreign media had revealed the money trail of the allegedly missing billions surrounding the 1MDB fiasco.

Implicated in the report was PetroSaudi International, a privately-owned oil exploration and production company that was claimed to have siphoned billions of ringgit from the wholly owned government company.

Subsequently, 1MDB president and group executive director, Arul Kanda in his clarification said, 1MDB had not only exited the business relationship with PetroSaudi in 2012 but also received back its investments in full and even made some RM1.7 billion profit.