1MDB’s rationalisation plan has been successful and completely transparent, says president and CEO Arul Kanda Kandasamy.

“The opposition over the last three years have politicised a business issue to topple a democratically elected government. Unfortunately for them, the rationalisation plan under my watch has been successful,” he said.

In an interview with Martin Soong and Oriel Morrison from CNBC’s Street Signs Asia today, Arul Kanda said that the company was continuing its media engagements as it was completely transparent and constantly and openly explaining to the investment community the issues as it has publicly-traded bonds totalling US$7.75 billion in the market.

“1MDB embarked on a rationalisation plan in 2016 to monetise company’s assets over time and meet its debt obligations. To date, it has not defaulted on any payment obligations.

“We have sold assets and transferred ownership of assets to the Finance Ministry, so it can be independently developed from 1MDB.

"For example, the Tun Razak Exchange has just attracted HSBC as anchor tenant and signed on Prudential Insurance, while 1MDB has entered into a joint venture with Land Lease to jointly develop 6.88ha of land,” he said.

Arul Kanda also noted that the business and international investment community had looked beyond the old issues and were satisfied with the transparency and openness of the company and was now committed to invest in projects originated by 1MDB.

"The company has no financial issues and met all our debt obligations in full and on time, and we foresee to be able to do that right to the maturity of the final debts due,” he said.

Arul Kanda pointed out that 1MDB has assets of close to US$11 billion and debts of US$7.75 billion, adding that the cash flow from the disposal and transfer of assets would be used to retire the debts and at the moment the company, was confident with its ability to meet all its debt obligations.

On the opposition’s call for continuing investigations into 1MDB, Arul Kanda highlighted that Bank Negara Malaysia has completed its investigations, and the Public Accounts Committee, which is made up of 14 members, including five opposition members, has submitted its report in April 2016 based on the Auditor-General Report.

“No criminal or civil charges have resulted. 1MDB notes that it is not party to any ongoing legal probe and is not the subject of any inquiry,” he said.

- Bernama