1mdb

Pas approves 1Malaysia Development Bhd (1MDB) chief executive officer Arul Kanda Kandasamy after a meeting with him yesterday.

Datuk Tuan Ibrahim Tuan Man, Pas deputy president was reported saying that Arul Kanda’s explanation on the debt incurred and its debt rationalisation plan by 1MDB was “satisfactory.”

Arul Kanda, a guests at a Pas roundtable discussion on 1MDB held in Ampang, spoke for more than two hours to Tuan Ibrahim and members of the Pas central working committee.

Present; former Selangor Menteri Besar Tan Sri Khalid Ibrahim, Wan Ahmad Fauzi from the Terengganu Investment Authority (TIA) which was the precursor to 1MDB, and several academicians from public universities.

“We are satisfied with the explanation made by Arul, specifically on the rationalisation plan he has proposed to overcome the crisis in 1MDB,” Tuan Ibrahim was quoted as saying at a press conference.

1MDB should be given the opportunity to settle its debt, Tuan Ibrahim said.

Arul Kanda also showed them the Public Accounts Committee (PAC) report on 1MDB.

“PAC was unable to solve the problem as it comprises eight Barisan Nasional MPs and five opposition MPs, and no action has been taken,” he said.

At the same time, he reiterated the call by Pas president Datuk Seri Abdul Hadi Awang in October 2015 for a Royal Commission of Inquiry (RCI) to look into the 1MDB issue, especially during the period before Arul Kanda was appointed as the state investor’s new president.

Arul Kanda was made its new president and group executive director in Jan 2015 after the firm’s chief executive Mohd Hazem Abdul Rahman resigned.

1MDB was thrust into the limelight recently when a US$602.72 million (RM2.58 billion) payment, which was part of its settlement agreement with Abu Dhabi’s International Petroleum Investment Company (IPIC), was delayed.

In a statement on August 1, 1MDB said the payment, which was originally due on July 31, was delayed as it was awaiting funds that were due to be received last month.

“1MDB itself is awaiting funds that were due to be received in July 2017. Due to the need for additional regulatory approvals, the receipt of those funds has been delayed to August 2017.

“As these are the funds which will be used to pay IPIC, 1MDB has written to IPIC to inform them of our commitment to meet the obligations, originally due on 31 July 2017, in August 2017,” it said.

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