Judge 1MDB from its successes, says Arul Kanda

Updated 8 years ago · Published on 20 Mar 2018 11:18AM · 9 Comments

Arul Kanda Kandasamy says that 1Malaysia Development Bhd is not bankrupt and is still capable of repaying its debts while developing its available assets. – The Malaysian Insight file pic, March 20, 2018.

1MALAYSIA Development Bhd (1MDB) chief executive officer Arul Kanda Kandasamy wants the company‘s success to be measured by the completion of its two mega projects, namely the Tun Razak Exchange (TRX) and Bandar Malaysia.

“This will put to an end to the various allegations continuously hurled by the opposition at the company,” he said at the “Diskusi 1Minda 1Bicara 1MDB” programme in Johor Baru last night.

Arul said the community could see and evaluate the development around TRX firsthand, together with the attention it was receiving from local and foreign investors.

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

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

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

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

Arul said the opposition had also sought to paint Prime Minister Najib Razak, the chairman of the 1MDB board of advisors, as being responsible for everything that had taken place in the company, when in reality the position had no power under the Companies Act. – Bernama, March 20, 2018.

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Comments

  • Amazed he can said it without blinking to his selected audience when :

    1. Bandar Malaysia still looking for a buyer despite getting a good price from the previous consortium. Fortune 500 companies who can meet your requirements don't bid, they get invited to negotiate. Thats strength of a Fortune 500 company.
    2. Myanmar just invited and confirmed foreign developers(read: Oxley of Spore) to develop the central station (about RM10B) and many countries in this region will do the same, there is nothing special about Bandar Malaysia land.Bangkok will have one soon since it is part of the OBOR link.
    3. Mulia Tower at TRX- it is a shame MOF have to buy 51% from the Indonesians.Showed that your buyer have no balance sheet to go it alone.On top of that, give us your list of tenants.Dare to say no Government departments or GLCs or Government related bodies etc on the list?
    4. TRX- All the financial institutions you mentioned are there because of the tax incentives.So it is not just your pure efforts to attract tenants. Casualties of this-Government collects less taxes, other buildings in KL loses these tenants and thus Government collects less taxes. End up, Government may have to increase GST etc to cover the shortfall.
    5. With the Government giving so much tax incentives on both lands, definately the land prices there will be high. Casualties- surrounding lands' prices are "forced" to increase in tandem, thus higher priced homes.End up, rakyat "forced" to pay the price.

    I can go on but only Arul is given the platform to give his "advices" to ignorant audience.That's why Government should not be in the business and crowding out the private sector. Again we all know, the political part of it dictates most things in Malaysia.

    Posted 8 years ago by Can Lim · Reply

  • Very good potrayal. Never heard a CEO talk such an unprofessional way before.

    Posted 8 years ago by Leanburn Leanburn · Reply

  • If 1MDB is so successful, why the need to shut it down after debts are paid up?

    Posted 8 years ago by Tanahair Ku · Reply

  • Aiyo, Arul how to respect you or 1MDB when 1MDB got cheap land from government (meaning getting from people) and sell at high price to pay debt! It is like the proverbial Gold Mountain that the Son spent away. Good grief! Wake Up lah!!!

    Posted 8 years ago by Yong Yeok Fong · Reply

  • Where 's ur p&l?

    Posted 8 years ago by Leslie Chan · Reply

  • It is better to keep quiet otherwise people will know what type of person you are.

    Posted 8 years ago by Sam Ng · Reply

  • Arul said that Good Star was a subsidiary IPIC. Bank Negara said that Good Star was solely owned by Jho Low. For both to be true, Good Star was sold to Jho Low sometime after 1MDB had in its record that Good Star was a subsidiary of IPIC, and to the 1MDB board and staff, money intended to pay IPIC could be routed through Good Star. But the person who controlled the bank account of Good Star can use it as windfall. That explains why 1MDB paid USD 700 million to Good Star, and perhaps much more at other occasion, and yet IPIC won its case at the London Commission of International Arbitration that it had not received payments from 1MDB. IPIC claimed payment of USD 4.5 billion despite the second Minister said that 1MDB would win the case, since to him money had already been paid out from 1MDB. The fact is money sent to Good Star went to the personal account of Jho Low. That explains why DOJ of USA is confiscating property worth USD 1.7 billion said to be stolen from 1MDB, and that Jho Low was implicated. Reza Aziz the stepson of Najib submitted to IRS of USA that he received a gift of USD 94 million from Aabar BVI. Aabar BVI is said to be a name given to the subsidiary of IPIC, and one wonders whether it was Jho Low who sent Resa Aziz the money using a version of the alternate name of Good Star. If 1MDB has to pay IPIC according to the judgement by London Commission of International Arbitration, after 1MDB had made payments to the so-called subsidiaries of IPIC, then 1MDB has actually lost money of the earlier payments made. Why does 1MDB still insists that it has not lost money through theft? Why is 1MDB not taking action to recover the money paid to accounts which IPIC has claimed successfully that they had no connection with IPIC? Was Good Star a scheme for people other than the 1MDB board to launder money. To the board the money was genuine investment payment, but to the recipient, the money is windfall, gift from 1MDB. Even IPIC personnel could be involved when they chose to make claims years after the money went missing.

    1MDB has shown the world how money could be stolen, and yet the government agencies including the Attorney General would declare that 1MDB is not corrupt. It should be a candidate for Nobel prize for cheating, if one is created. 1MDB is successful indeed, in cheating.

    Posted 8 years ago by Meng Kow Loh · Reply

  • Bravo! Bravo! Congratulations on the successful purchases of luxury real estate in the US and a beautiful yacht with 1MDB funds.

    If 1MDB is so successful, then why close it down?

    Oh, let's see the audited accounts for the last 5 years to see all the success!

    Posted 8 years ago by Matt H · Reply

  • The more Arul Kanda and Najib open their mouth, the more they prove they should be stuffed in the worst hellhole with the worst monsters we can find. Just because they have done some work many can do, they continue to argue they can be over entitled and excused for their violation and rape of the public trust.

    Posted 8 years ago by Bigjoe Lam · Reply