ACCUSED of being a Barisan Nasional tool, Arul Kanda Kandasamy said he is just a company spokesman trying to set the record straight.

The 1Malaysia Development Bhd president and chief executive officer has been going around the country to explain the 1MDB controversy – a favourite topic used by the opposition to hammer BN – in the 14th general election campaign period.

At a special dialogue session themed “You Ask? We Answer, Regardless of Party” in Balik Pulau, Penang, this afternoon, he said, jokingly, that he is a “power tool”.

“I am the company spokesman. The company is 100% owned by the federal government. We have a responsibility to inform the people. I have been giving interviews and explanations for years.

“The 1MDB issue died down in 2017, but come March 2018 and the election season, they started to recycle and reuse the issue. So, the company has to explain.”

He said there is no point debating with critics from the opposition, like Tony Pua and Rafizi Ramli, adding that the time would be better spent managing the company, paying its debts and meeting the people directly to explain 1MDB-related matters.

He said he is disappointed that despite his numerous open invitations to members of the opposition to attend his 1MDB dialogue sessions, none has turned up.

“I have invited them via the media to come and ask me questions. I had sessions in Subang Jaya and Shah Alam, and today, Penang. These are friendly territories to them, but still, none came.

“They prefer to shoot from the sidelines. I am not surprised by their modus operandi. It is clear they don’t want to know and don’t want to understand,” said Arul Kanda, who took over to helm the company in 2015.

The dialogue session held at a polytechnic school in the BN-held Balik Pulau was attended by 400 people, including teachers who were already at the school for a Teachers’ Day celebration earlier.

Arul Kanda, a law graduate whose forte is restructuring companies, said 1MDB’s troubles were caused by bad business decisions.

“They are business problems. Not knowing how to do business, incurring too much debt, weak governance and poor supervision.”

He said at one time, 1MDB’s debts had amounted to RM42 billion, but this has been reduced to RM31 million, adding that the company’s assets are enough to cover its debts.

He also dismissed attacks by critics, including former minister Rafidah Aziz, who has blasted the government and company for not pursuing assets allegedly linked to 1MDB funds, like businessman Low Taek Jho’s yacht, Equanimity.

He said after 1MDB has made payments, it has no say in how the funds are used, nor does the company have the right to go after assets said to have been bought using the money.

He was referring to the sum paid to Aabar Investments PJS Ltd (Aabar BVI), which critics said had found its way to Low and others.

Aabar BVI belongs to Aabar Abu Dhabi, a subsidiary of the International Petroleum Investment Company (IPIC).

In 2012, 1MDB issued two bonds of US$1.75 billion (RM7 billion) each to buy two power plants. The bonds were co-guaranteed by 1MDB and IPIC, which asked the former to pay a collateral to Aabar BVI.

Both firms then ran into a dispute over the bonds after 1MDB defaulted on them, which led IPIC to seek an arbitration to claim US$6.5 billion. – May 3, 2018.