‘1MDB PUBLIC TALKS VITAL’
It provides an avenue for the people to get right info, says CEO
IT is important that a detailed and continuous explanation on 1Malaysia Development Bhd (1MDB) is made to ensure the public gain the right and accurate information.
Its chief executive officer, Arul Kanda Kandasamy, said his question-and-answer session conducted live provides the avenue for the public to participate.
“I come forward to make various briefings to enable the public to obtain the right information and make the right choice.
“In the past, I always held talks to explain 1MDB issues and sometimes two press releases were made to explain recurrent issues.
“The issue had died down, but resurfaced when the Equanimity yacht was seized by the Indonesian police, making 1MDB hot again.
“It has consistently been politicised by the opposition despite the fact that Indonesian police had confirmed that the yacht has nothing to do with 1MDB and (Indonesian courts) have ruled that the seizure was not valid.”
Arul Kanda was speaking after a question-and-answer session at the Islamic Civilisation Park Convention Centre yesterday.
Some 1,000 people attended the session, with many questions thrown at Arul Kanda.
During the session, he shared the history of 1MDB besides refuting allegations made by the opposition.
“1MDB is a business issue but it has been politicised by the opposition merely so that they can use it as an excuse to topple a democratically-elected government.”
He explained that the RM42 billion which the opposition claimed had been “lo st” wa s actually 1MDB’s debt, money which was used to generate assets, adding that it had consistently made repayments according to schedule.
At present, he said, 1MDB’s debts stood at RM31 billion, while its assets amounted to RM43 billion.
Meanwhile, Bernama reported Arul Kanda as telling CNBC that 1MDB’s rationalisation plan had been successful and completely transparent.
“The opposition over the last three years have politicised a business issue to try to topple a democratically elected government.
“Unfortunately for them, the rationalisation plan under my watch has been successful.”
In an interview with Martin Soong and Oriel Morrison from CNBC’s Street Signs Asia yesterday, Arul Kanda said the company was continuing its media engagements as it was openly explaining to the investment community the issues as it has publicly-traded bonds totalling US$7.75 billion (RM26 billion) in the market.
“1MDB embarked on a rationalisation plan in 2016 to monetise company’s assets over time and meet its debt obligations.
“To date, it has not defaulted on any payment obligations. We have sold assets and transferred ownership of assets to the Ministry of Finance, so it can be independently developed from 1MDB.
“For example, the Tun Razak Exchange has just attracted HSBC bank as an anchor tenant and signed on Prudential Insurance, while 1MDB has entered into a joint venture with a firm to jointly develop 6.88ha of land.”
He said the business and international investment community had looked beyond the old issues and were satisfied with the transparency and openness of the company and was now committed to investing in projects originated by 1MDB.