KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) President Arul Kanda Kandasamy has strongly denied the potentially defamatory and personal attacks hurdled against him by the Minister of Finance, Lim Guan Eng. Arul Kanda said this in relation to Lim’s remarks that 1MDB was “insolvent” and Arul Kanda was “utterly dishonest and untrustworthy”. Lim yesterday summoned Arul Kanda for a meeting to establish the status of the investment company’s finance, specifically on its ability to repay its debt. Arul Kanda explained he only joined 1MDB in January 2015, which was after the actions of previous management and boards resulted in 1MDB amassing its debt burden, and after many of 1MDB’s projects were in difficulties. Arul Kanda added that multiple domestic authorities conducted and were still conducting investigations on 1MDB.

Source: New Strait Times May 24, 2018 07:07 UTC