‘THEY ARE NOT OPEN TO FINDING OUT THE TRUTH’
Its leaders failed to show up at talks on 1MDB, says CEO
THE president of 1MDB walked into the lion’s den on Tuesday night in Subang, expecting to face a withering line of questioning from the opposition. While their supporters were convinced, the leaders were conspicuously absent.
1MALAYSIA Development Bhd (1MDB) president and chief executive officer Arul Kanda Kandasamy took a swipe at the opposition for not attending his talk on the government’s strategic development arm in Subang Jaya on Tuesday.
He said the session was held openly on “the opposition’s turf ” to answer any questions about the issues surrounding 1MDB.
His presence there was based on the principle of berani kerana benar (courage for truth) and was not politically motivated, Arul Kanda told Barisan Nasional’s official 14th General Election (GE14) portal, the Rakyat.
“I am upset tonight (Tuesday) because opposition leaders who have been critical of 1MDB, like Hannah Yeoh (former Subang Jaya assemblyman) did not show up. Why did you not come here, on your own turf?
“It is clear that they are not open to finding out the truth about 1MDB.
“These ceramah (talks) are being organised by non-governmental organisations, not some political party. I am not a politician. I have the responsibility, as a chief executive of a government-owned company, to explain to the people about it (the company).”
He was met by the Rakyat after the “Bicara Subang” talk organised by Kelab Sahabat N87 in USJ15.
A similar engagement was held in Ampangan, Negri Sembilan, yesterday. The next one will be in Section 16, Shah Alam, on Saturday.
On the audience’s acceptance of his talk or “explanation session”, Arul Kanda said he was relieved that people were willing to listen to his explanation on 1MDB with an open heart.
“At times, at the start of a session, I can see many angry faces, some even looked like they are going to hit me, but eventually, at the end of it, they will come by to take a selfie and such. This makes it less stressful because everyone can interact with one another.”
He said 1MDB’s problem was due to it being politicised by a certain party with vested interest.
Describing it as “a business problem that has been politicised”, Arul Kanda pointed out that the rationalisation plan for 1MDB had been successful.
“Now, we can see that the TRX (Tun Razak Exchange) building is going up, with investments from HSBC, Prudential and others, proving that 1MDB-related projects have gained confidence from international investors.
“If the projects are being run well, the gain will be more than enough to pay back all the longterm debt of the company,” he was quoted as saying.
On a lighter note, Arul Kanda said his love for the country had prompted him to serve 1MDB and fix the turmoil at the company.
“I earned more when I was working in Abu Dhabi, but as a Malaysian who has the ability in restructuring, banking and legislation, it is my duty to help solve 1MDB’s issue.”
He was executive vice-president and head of investment banking at Abu Dhabi Commercial Bank, as well as a board member of Kuwait’s Global Investment House.
He said he was glad that his family members and close friends understood his duty as he was doing something “nobody” wanted to do.
He said he was not stressed by his task, contrary to some people’s perception.
“I want to be remembered as a Malaysian who has the ability and someone who has taken the responsibility to solve the turmoil.
“I am not stressed in managing 1MDB because I did nothing wrong. I did not cause the problem, I came to fix it.”
He said he was offered a “3+1” contract when accepting the 1MDB job three years ago. The contract ended on Dec 31.
“With mutual agreement, my contract was extended for another year, as stated in the contract. The extension is to facilitate the handover of task on the issues that I am handling.”
On his next step once he leaves 1MDB, Arul Kanda said: “I think it is more appropriate for the board of directors and shareholders to make an announcement at the right time on my next step.”
He admitted that he felt frustrated when the opposition accused him for all the troubles 1MDB faced.
“I understood that Malaysians are angry about what has happened to the company today, hence we are having this briefing session with the public.
“Whatever that they want, I am open and ready to answer.”
Bernama quoted Arul Kanda as saying that 1MDB’s nationwide engagement with the people received positive responses.
“What started as a trickle of requests for me to participate in these engagements has become a tsunami in the last six months, as the opposition ramped up a campaign of misleading and malicious misinformation.”
Over the past six weeks, he had appeared before nearly 30,000 people while traversing the country to explain and dispel allegations of fraud in the company.
He said the audience in remote areas like Benta, Pahang, and Pasir Puteh, Kelantan, would grill him for more than two hours. “You would be surprised. “Uncles and aunties would be asking, ‘Can the company actually repay its debts? Where are the sources of the money?’, which really shows quite a deep understanding of the matter.
“If they are not satisfied, they typically ask a follow-up question.”
Arul Kanda was clear that he was not defending anyone and said his job as CEO was to explain the company’s point of view.
To date, 25 nationwide engagements have been held, with a dozen more planned over the next couple of weeks.