‘Right 1MDB decisions made’

PETALING JAYA: 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.
“We are being 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 last 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,” said Arul, adding that the company is ready to face the committee and present the facts.

“What is important is that the investigation carries on and the facts are brought out. Let the investigators continue their probe in a professional manner,” he said.
On the company’s rationalisation exercise, Arul said it is going smoothly and it should be completed in the next five or six months.
“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.”
When asked what would happen if the rationalisation plan fails, he said that some of the loans are backed by the Government so it is imperative for 1MDB not to 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 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.
He acknowledged, however, that there are times when plans do not succeed due to “outside factors”.
“When we see the challenges, we have to take action. That is important.
“When things do not go according to plan, we have to make corrections and that is what the rationalisation plan is for,” he said.
Arul said earlier that there are many things that 1MDB does that can’t be seen by the public.
“When you reach for your switch to turn on your light, some of that power is provided by 1MDB,” said Arul.
“We are also currently building the eight camps costing RM2.7bil which will be completed by 2018.
“And the Tun Razak Exchange (TRX) has RM3bil in infrastructure that can’t be seen. It is below ground. When it is completed, buildings will rise and that you can see,” he said.
On the bad press the company has received, Arul maintained that he aims to provide the truth and facts to keep the public updated.
“There have been 48 press releases issued by 1MDB and along with our Twitter and Facebook accounts, this is how we have reached out to the rakyat to explain 1MDB.”