1MDB president confident of fair hearing by Public Accounts Committee

KUALA LUMPUR - 1Malaysia Development Berhad's (1MDB) president and group executive director Arul Kanda Kandasamy (pic) has acknowledged that he has been called to appear before the Public Accounts Committee on Aug 5.

Arul had not been able to make it on May 26 to the PAC inquiry as he was overseas on official business.

"The purpose of my appearance before the committee is to respond to questions that its members may have. I have every confidence that the honourable members of the committee will allow me a fair opportunity to explain 1MDB's position, to a lawful authority, per the requirements of due process," Arul said in a statement on Wednesday.

"The PAC is a lawful authority and the appropriate forum for questions to be asked and answered," he added.

Arul also said that the 1MDB team will be focused on delivery of the rationalisation plan that was presented to Cabinet on May 29.

"We have successfully repaid a RM3.6bil loan since then and will soon issue a request for proposal for equity investors in Bandar Malaysia, in line with the rationalisation plan that was presented to the Cabinet," he said.