Arul: Proof of 1MDB’s success seen through construction of mega projects

 |Mar 20, 2018
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JOHOR BARU: 1Malaysia Development Bhd’s (1MDB) Chief Executive Officer, Arul Kanda Kandasamy, wants the company‘s success to be measured through the realisation of the construction of its two mega projects, namely the Tun Razak Exchange (TRX) and Bandar Malaysia.

“This will put to an end to the various allegations being continuously hurled by the Opposition towards the company,” he said at the programme, Diskusi 1Minda 1Bicara 1MDB, here last night.

He also said the community can see and evaluate for themselves the active ongoing development around the TRX to date and the attention it is receiving from local and foreign investors.

“This is what I want to portray. 1MDB is not bankrupt and still capable of of repaying its debt, while developing its available assets. This is an undeniable fact.

“We have been able to date, attract investors to the TRX such as HSBC Bank Malaysia Bhd, which is building the biggest headquarters in Southeast Asia, Prudential, Affin Bank Bhd and Lembaga Tabung Haji,” he added.

According to ARUL, 1MDB is also spending RM3 billion for the construction of infrastructure around the TRX such as a new market and building a road to directly connect it to key highways as the SMART Tunnel, the MEX and DUKE Highways.

“1MDB has currently assets of RM43 billion which exceeds current debts of RM31 billion.The majority of the assets represents real estate which amounts to more than is needed to repay the company’s debts,” he said.

Arul said the Opposition had also sought to link Prime Minister Datuk Seri Najib Razak as Chairman of the 1MDB Board of Advisers, as being responsible for everything that has taken place in the company, when in reality the position had no powers under the law and Companies Act. — Bernama