KUALA LUMPUR, Nov 15 – 1Malaysia Development Berhad’s (1MDB) president and group executive director Arul Kanda Kandasamy said Bank Negara Malaysia’s (BNM) investigation into 1MDB foreign investments is not related to crime. He said the information requested by BNM was merely over administrative matters.
“The offence over foreign investment which was reported by BNM on 1MDB was related to issues of administration, not crime. We oblige and will expedite what is requested by BNM,” he said at a 1MDB, Trans Pacific Partnership Agreement (TPPA) and Budget 2016, prime information event at Putra World Trade Centre (PWTC) here on Saturday.
“There were five agencies were currently investigating 1MDB including the Malaysian Anti-Corruption Commission, BNM, Police, Public Accounts Committee (PAC) and the National Audit Department. This makes 1MDB the most investigated company in the country. We are like an open book. But to read an open book requires an open mind,” said Arul Kanda.
He also said he was prepared to meet any party to explain about 1MDB including Petaling Jaya Utara Member of Parliament Tony Pua and Pandan Member of Parliament Rafizi Ramli. In the meantime, he also said that numerous explanatory sessions on issues besetting the company were held since early this year including 90 media statements issued via interviews with local and foreign news agencies including BBC and Reuters.
Meanwhile, Arul Kanda said to a question that the process to generate development projects at Bandar Malaysia would take 10 to 15 years based on the size of the area which covers 197 hectares. He said projects that would be developed in the area include a transportation hub for the national transportation system including MRT, ERL, Bus Rapid Transit and KTM and a link system to nearby highways.
“As a government-owned company, 1MDB also takes on the responsibility of constructing eight Royal Malaysian Navy and PDRM bases and developing the infrastructure in the area at a cost of RM2.7 billion. 1MDB can only take over the land in the area after the projects have been completed. Implementation of the RM2.7 billion project had been given to a company belonging to the Armed Forces Fund Board; 50 bumiputera contractors have been awarded sub-contracts to complete the projects,” he said.
Arul Kanda said 1MDB also gives its assurance that at least 5,000 affordable houses would be built in Bandar Malaysia to meet the aspiration of the government in ensuring home ownership to more Malaysians. He said the private sector companies holding equity in the project will also be required to abide by the conditions on the quota for the houses which are contained in the initial masterplan. He said this during the question and answer session.
