A DAP lawmaker has accused 1MDB chief executive officer Arul Kanda Kandasamy of being the biggest purveyor of fake news.

Petaling Jaya Utara MP Tony Pua also asked if the new law formulated to curb the spread of fake news would be used against him.

Pua was responding to Arul Kanda's remark that 1MDB's success should be measured through the realisation of the construction of its two mega projects, the Tun Razak Exchange (TRX) and Bandar Malaysia.

Apart from stating this would end the opposition's allegations against 1MDB, Arul Kanda also said the people could see and evaluate for themselves the active ongoing development around the TRX to date and the attention it is receiving from local and foreign investors.

“This is what I want to portray. 1MDB is not bankrupt and still capable of repaying its debt, while developing its available assets. This is an undeniable fact,” he had said.

However, Pua, who has been a staunch critic of 1MDB and a thorn in Arul Kanda's flesh since he assumed the position, is far from convinced.

“This fairy tale must be one of the most blatant lies that Arul Kanda (photo) is trying to hard-sell to Malaysians.

“Anyone travelling through Bandar Malaysia or the Sungai Besi military airbase will find that it is a flat piece of land without an inch of development,” Pua said in a statement.

In 2015, Pua said 60 percent of Bandar Malaysia was sold to a consortium led by Iskandar Waterfront Sdn Bhd for RM7.41 billion, but the deal was terminated last year because the consortium failed to meet its financial obligations.

Instead, he said, the Ministry of Finance (MOF) has been travelling around the world to seek a new master developer.

“However, there has been no taker despite the treasurer-general (and 1MDB chairperson) Irwan Serigar giving repeated assurances there will be an award 'coming soon' since last July,” he added.

In view of this, Pua asked Arul Kanda what success was he talking about.

“Bandar Malaysia today is a testimony of 1MDB's complete failure, despite having been awarded the 495 acres of land at a ridiculously cheap price.

“Worse, due to 1MDB's practical insolvency and inability to service its debts, both projects have been handed over to the MOF since a year ago. As a result, MOF has been forced to assume the RM2.4 billion Bandar Malaysia sukuk (Islamic bond) debt,” he said.

“Arul Kanda, who loves to ask us to refer to the PAC (Public Accounts Committee) report, himself chose to ignore that the auditor-general discovered that more than 90 percent of the RM2.4 billion sukuk was never used for the development of Bandar Malaysia, or for that matter TRX,” he added.

As for TRX, Pua acknowledged that the project is faring better.

However, he said Arul Kanda failed to highlight that 1MDB had purchased the TRX land at a ridiculously cheap price of RM64 per square feet (psf) and sold it to government-related institutions for a ridiculously expensive price.

He noted that Tabung Haji purchased a parcel of TRX land in 2015 at more than RM2,700psf while the subsidiary of LTAT, Affin Bank, purchased another parcel for more than RM4,500psf.

“Even for 3.4 acres of land that 1MDB previously sold to a private property developer, Indonesian Mulia Property Development for RM665 million, the MOF recently had to acquire 51 percent stake in the project to develop The Exchange 106 skyscraper - poised to be the tallest building in Southeast Asia.

“Regardless, the fact that these projects are being bailed out by the MOF means they are no longer 1MDB projects. Hence, for Arul Kanda to attempt to claim credit for a project that is no longer 1MDB's is really a stretch beyond anyone's imagination.

“Deputy Minister of Communications and Multimedia Jailani Johari said any information related to 1MDB that has not been verified by the government is considered fake news. The big question now is, will Arul be charged?” Pua asked.