In a statement, it said that the board of directors has decided to offer their joint resignations to the Ministry of Finance Incorporated (MoF Inc), to facilitate investigations that may be carried out against the company in accordance to PAC’s recommendations.

“The Board has successfully steered 1MDB through a uniquely challenging period and trusts that, with the release of the PAC report, a line has been drawn. However, given the findings of the PAC report, the Board has collectively this morning decided to offer its resignation to MoF Inc, the 100% shareholder of 1MDB.

“This has been a difficult decision to take but we believe is the right thing to do, given the circumstances, in order to facilitate any follow-up investigations as recommended by the PAC,” read the statement.

The board believes that it had carried out its role and responsibility “to the best of its ability”, and had fully cooperated with the authorities probing the company.

“More importantly, the funds of 1MDB have been fully accounted for and there is no case of RM42 billion missing, as has been alleged by some irresponsible parties.

“It has also been confirmed that 1MDB did not transfer RM2.6b to the personal accounts of the Prime Minister (Najib Razak) as had been alleged.”

The statement said 1MDB’s RM1 million cash equity was what necessited a heavy dependence on borrowings to fund investments.

The board also noted that 1MDB has, and will continue to pay all its short term debts and all its bank debt with proceeds from the sale of Edra power assets.