1MDB president: I never admitted there was fraud

1MDB president: I never admitted there was fraud

PETALING JAYA - 1Malaysia Development Bhd (1MDB) president and group executive director Arul Kanda said his recent statements regarding the possibility of fraud in relation to 1MDB was given a "spin" by various personalities.

"I must clarify that I had never 'admitted there was fraud' as has been mistakenly alleged by various personalities and subsequently wrongly reported by certain media," he said in a statement yesterday.

"What I did say is that, given the content of the April 12, 2016 statement by the Office of the Attorney-General of Switzerland, 1MDB must now be open to the possibility of fraud, i.e. that it cannot be discounted," he added.

Arul reiterated 1MDB's firm contention on the US$3.5 billion (S$4.72 billion) deposits paid to Aabar BVI.

1MDB, he said, had dealt with senior executives, hence these transactions bind Abu Dhabi's International Petroleum Investment Company (IPIC) and Aabar PJS as corporates.

"Bluntly put, it is an internal matter for them to resolve," Arul said.

He added 1MDB would not shy away, and looked forward to resolving this dispute with IPIC through discussion and if necessary, arbitration, in order to ensure an expeditious resolution, in the interests of all stakeholders.

In the meantime, 1MDB will continue to extend full co-operation to the Royal Malaysian Police in its ongoing investigations into the company.

"1MDB has always maintained, and continues to maintain, that if any evidence of wrongdoing is found, then action must be taken, according to the law," Arul said.

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