News Coverage

Date: 
15-06-2016
Politicians inability to heed explanation prolonged 1MDB issue: Arul Kanda
Politicians inability to heed explanation prolonged 1MDB issue: Arul Kanda
Source: 
Bernama

SUNGAI BESAR, 15 June – The 1Malaysia Development Berhad (1MDB) issue has dragged on without reaching a conclusion because there have been politicans who ignore the explanations and measures taken by the company to tackle all the problems, said its president, Arul Kanda.

He said the problem of the government's strategic investment company only involved the business aspect which was the mismatch in the cash flow, a problem that had also been faced by other companies such as Proton and General Motors, but they had not been politicised to the extent that it had become an issue.

"It became a major issue when several politicians, some of whom were from the ruling party, were at loggerheads with the government and turned it into an issue which had become bigger," he said in a discussion.

The discussion which featured the Assistant Chief Editor 1 of the Utusan Group, Datuk Zaini Hassan as the moderator, was also participated by the Director-General of the Civics Bureau, Datuk Ibrahim Saad and the E8 Principal Assistant Director of Counter Terrorism, Royal Malaysia Police (PDRM), Datuk Ayob Mydin Pitchay as panel members.

He said the 1MDB and the government had taken measures to overcome the problem of the mismatch in the cash flow including selling the whole of its energy assets under the Edra Global Energy Bhd besides its 60% holding in its subsidiary, Bandar Malaysia Sdn Bhd.

"To me, it's not appropriate for us to listen to people who do not have detailed information on the matter and not heeding the reply given," he said.

He also refuted the allegation that the company had sold off all its land assets as claimed by the opposition parties.

"The 1MDB and the government still have 40% interest in Bandar Malaysia, 100% interest in TRX (Tun Razak Exchange), 100% interest in the land in Air Hitam, Penang. The claim by the opposition that we sold off all our land is incorrect, we still have the assets," he added.

-- BERNAMA