Under pressure, 1MDB president and group executive director Arul Kanda Kandasamy said he only deals with facts and does not entertain allegations or spurious statements issued by third parties with no access to 1MDB documents or bank accounts.

In an interview with the United Kingdom’s leading financial daily Financial Times , Arul Kanda claims that 1MDB is making good progress.

He said 1MDB has now redeemed US$1.4 billion of the units in cash and that the sovereign state fund would pay off the balance in a debt-for-asset swap.

“This is towards generating the cash it needed to pay debt interest and capital, including by selling more than RM1 billion worth of land and an imminent deal to offload part or all of its energy assets it bought for about US$2.7 billion,” Arul Kanda said.

The 1MDB president further defended the company’s decision to lodge a police report on the purported leaks of its documents, which included minutes of its board of directors' meetings that dealt with the previous contentious investments of 1MDB.

He further denied the move was a cover-up, describing such a notion as a 'spurious argument' since the fund was undergoing multiple official investigations.

Arul Kanda said 1MDB's pursuit of those who leaked the company's documents reflected 'the same concern that any other person would have' about their private dealings.

“I am sure you would not like it if somebody put up your bank statements for the public at large to have a look at,” he said, adding, “So, in the same way, we have a right to privacy and confidentiality.”

1MDB is currently being investigated not only by the parliamentary Public Accounts Committee but also the by the Auditor-General’s Chambers, Bank Negara and the police.

Arul Kanda reiterated that 1MDB’s own internal investigation found no evidence of any criminal offence.

He rebuffed Bank Negara's claim earlier this month that enforcement action can be taken on those who had transgressed or have not complied with rules and regulations of the Financial Services Act.

“There is no case to answer,” Arul Kanda told Financial Times . “If you look at our audited accounts, every cent that the company has borrowed and spent is very clearly described.”