PUTRAJAYA, May 25 – Finance Minister Lim Guan Eng is prepared to be sued by 1Malaysia Development Berhad (1MDB) president and chief executive officer (CEO), Arul Kanda Kandasamy on his allegedly unfair and inaccurate statement on the investment company. He, however, reminded the CEO that he was the only one who was currently working for the company already owned by the Finance Ministry.
“Arul Kanda has made many promises … if he wants to sue, I am waiting but he needs to remember that he’s the only 1MDB employee and the Ministry of Finance owns 1MDB,” he told a press conference here today. Lim was commenting on the 1MDB official’s statement that he was seeking advice from his lawyer to take further action on the allegation.
Yesterday, Guan Eng after a meeting with Arul Kanda revealed that 1MDB was bankrupt and unable to repay its debt, including paying the interest rate which matured in April and May. More surprisingly, the RM9.8 billion investment made by 1MDB over the last two years was also a scam. Arul Kanda is on holiday until his contract ends next month. Asked what the government would do to 1MDB’s assets, Guan Eng said: “The ministry has not been able to ascertain whether the assets exist or not”. — Bernama