1MDB OPEN TO INVESTIGATIONS, SAYS ARUL

(The Star) – 1Malaysia Development Berhad (1MDB) is an “open book” and is the most investigated company in Malaysia, said the company’s president and executive director Arul Kanda Kandasamy (pic).

“We are investigated by Bank Negara, the Malaysian Anti-Corruption Commission, the police, the Attorney-General’s Chambers, the Auditor-General and the Public Accounts Committee (PAC),” said Arul in an interview on TV3’s Soal Jawab programme on Wednesday night.

“All the investigations are still going on. We are willing to return to the PAC when new dates are given.

“To me, the PAC (probe) is presently the best of all the investigations as there are government and opposition members. So it is bipartisan,” said Arul, adding that the company is ready to face the committee and present the facts.

He added that all the investigations had been done “comprehensively and professionally”.

“What is important is that the investigation carries on and the facts are brought out. Let the investigators continue their probes in a professional manner,” he said.

On the company’s rationalisation exercise, Arul said it was going smoothly and it should be complete in the next five or six months, adding that there was no interference in the management of the company.

“On all major decisions such as the rationalisation plan, we work together as a team, the management, shareholders and board work together to implement the rationalisation plan.

“We hold discussions and have debates in managing the company,” he said.

When asked what will happen if the rationalisation plan fails, he said that some of the loans are backed by the Government so it is imperative for 1MDB to not allow it to fail.

“The pathway is clear with the investors to solve the debt problem,” said Arul.

“We have other options. With the solid assets, the options are there. We do not need to do a fire sale to settle our debts,” he said.

He added that in the long run if good steps are taken, the company can recover.

“I am confident. The future looks clear. I am confident and this is why I am here in Malaysia today,” he said.