1MALAYSIA Development Bhd head Arul Kanda Kandasamy told residents of Shah Alam’s low-cost flats that the billions of dollars in losses suffered by the company are being played up by the opposition in its bid to overthrow the government.

In the first of several planned public appearances to defend the state investor in the run-up to the 14th general election, Arul Kanda said caretaker prime minister Najib Razak did not play a role in the losses, and that the issue is a purely “business matter”.

He said the opposition is using the losses as fodder to attack Najib and the Barisan Nasional government.

“Their agenda is to politicise a business matter, so that they can overthrow a government that was elected by you, ladies and gentlemen, in a fair and democratic manner,” he told a crowd of 200 last night.

Arul Kanda said while Najib was chairman of 1MDB’s board of advisers prior to 2016, he had no decision-making role in the company, and that bad investment decisions had been made by the senior management.

He denied Pakatan Harapan’s claims that the country is now worse off due to 1MDB’s debts.

“We don’t need to use the goods and services tax to pay off the debts! The rising cost of living is not caused by 1MDB! The value of the ringgit has nothing to do with 1MDB.

“Today, the company’s assets are valued at RM43 billion. The debts are at RM31 billion. So, the assets are more than enough to cover (the debts).

“I see that all your faces are so grim and sad. Don’t be so sad… The company is undergoing some bad times, but don’t forget the good they have done,” he said, referring to the RM690 million that 1MDB has spent on health and social welfare programmes.

Present were Jasa officer Lokman Noor Adam, and Umno candidates Jumaeah Masdi and Ahmad Mua’adzam Shah Ya’akop, who are contesting in the state seats of Kota Anggerik and Batu Tiga, respectively.

Over the next 10 days, Arul Kanda will talk about 1MDB at five ceramah in Kota Baru, Kelantan; Sungai Siput and Parit Buntar, Perak; and, Balik Pulau and George Town, Penang. – April 29, 2018.