1Malaysia Development Berhad president and group executive director Arul Kanda Kandasamy ‘lied’ regarding its funds in a Singaporean bank, says former prime minister Tun Dr Mahathir Mohamad. – Reuters pic, June 12, 2015.
Former prime Mmnister Tun Dr Mahathir Mohamad today insisted that 1Malaysia Development Berhad (1MDB) president and group executive director Arul Kanda Kandasamy had "lied" regarding 1MDB's funds in a Singaporean bank.
Arul Kanda said authorities investigating 1MDB can determine if he had lied, but Dr Mahathir said Arul previously claimed he saw the funds "with his own eyes" before 1MDB claimed the funds were in the form of units and trusts.
"He said he saw the money with his own eyes. He saw billions with his own eyes? I would faint (if I saw that)," Dr Mahathir said.
He also said that no explanation from Arul Kanda would suffice and that the experienced banker must resign.
"I just don't believe him," Dr Mahathir said.
1MDB controversially placed funds in Cayman Islands before reportedly repatriating US$1 billion (RM3.7 billion) and placing it in the BSI bank in Singapore.
Arul previously went on record as saying that he had seen the money with his "own eyes", after 1MDB was criticised for opting to keep the money in Singapore.
However, it recently came to light that the funds are in the form of units and trusts and not cash as previously reported.
Prime Minister Datuk Seri Najib Razak was previously accused of lying to Parliament as he had given contradictory written answers regarding the funds, which had to be subsequently amended.
But Arul in a statement recently took the blame for the "miscommunication" with the Finance Ministry, but insisted that only the authorities can determine if he had lied.
1MDB is currently being probed by the Auditor-General and the Public Accounts Committee (PAC).
- TMI
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