PETALING JAYA: 1Malaysia Development Bhd (1MDB) will make announcements on its other debt payments in two to three weeks, says its president Arul Kanda Kandasamy (pic).
He said the 1MDB had not incurred any new debt and would be paying off its current debts.
“In the next two to three weeks, we will be making announcements about us paying our debts,” he said in an interview with Astro Awani.
Arul Kanda said that he was brought into 1MDB to help rationalise the debts of the investment fund, among others.
Among the steps 1MDb would be taking in the future was to avoid adding on to its debts, he said.
“We won’t start any new project. We will increase monitoring of the governance of 1MDB,” he said, adding that another way to move forward was by co-operating with the investigation on the investment fund.
He said that the decisions made about 1MDB were similar to dealing with “a house after an earthquake”.
“The impact is on the structure of the house and the residents are our projects such as Edra (Edra Global Energy Bhd) and TRX (Tun Razak Exchange).
“We have made a choice to ask the residents to move out,” he said, referring to the sale of Edra and the plan to sell TRX.
He admitted that the investment fund was facing several problems but insisted that the issues were purely about business.
“It’s true that there are issues within 1MDB but they are business issues.
“They should not have been politicised,” he said.
Such politicisation of the situations facing 1MDB had caused confusion and anger among Malaysians, he added.
When asked about financier Low Taek Jho, known as Jho Low, Arul Kanda said that he was not related to 1MDB but its predecessor, Terengganu Investment Authority (TIA).
“He left in May 2009 before the Finance Ministry took over TIA and changed it to 1MDB,” he said.