Arul: Opposition recycling Good Star Ltd issues
KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) president Arul Kanda Kandasamy has slammed the opposition for recycling issues related to Good Star Limited as an attempt to gain “cheap publicity”.
He said the issue of Good Star Limited’s ownership was not new as it was raised in 2016 by Petaling Jaya Utara member of parliament Tony Pua, and had been answered.
Arul said 1MDB had submitted relevant documents to the National Audit Department during the investigations by the Public Accounts Committee.
He said as a buyer of shares sold by PetroSaudi, 1MDB had made the payment as instructed by the seller (PetroSaudi).
1MDB, he said, had received shares in the company as a result of the payment.
“The instruction for 1MDB to transfer US$700 million into the account of Good Star Limited was provided by the seller, PetroSaudi, via the law firm White & Case (London), an international firm that is professional and renowned.
“PetroSaudi has confirmed that when the funds are paid by 1MDB to Good Star, the company (Good Star) is owned by PetroSaudi,” he said in an interview with theRakyat.com.
Pua had recently questioned whether police had investigated the funds transferred to Good Star Limited, which was supposedly owned by controversial businessman Low Taek Jho, also known as Jho Low.
Pua claimed that the funds’ injection had been verified by 1MDB.
He also queried whether police had questioned witnesses from Bank Negara Malaysia, whom he claimed had verified that the company was owned by Low.
Arul said there was a more important issue than the ownership of Good Star.
He said after 1MDB paid US$1.83 billion to PetroSaudi between 2009 and 2011, PetroSaudi had returned the money through fund units totalling US$2.3 billion.
Arul said based on company records, from the US$2.3 billion in fund units, a total of US$1.4 billion was redeemed in cash in 2014.
As for the balance, he said it was undergoing a financial process.
“As such, claims concerning Good Star’s ownership are irrelevant, as based on company records, all 1MDB’s investments and loans to PetroSaudi have been returned in full,” he said.