1MDB chief executive officer Arul Kanda Kandasamy is unsure of the value of the firm's "fund units" investments or whether these exist, according to Finance Minister Lim Guan Eng.
"Arul Kanda... claimed that all financial matters were handled strictly by the CFO (chief financial officer) and he is absolutely uncertain as to what the value of these 'investments' are, or whether they even exist in the first place," he said.
Lim was speaking to reporters after being briefed by Arul Kanda and other 1MDB officials at the Finance Ministry in Putrajaya this evening.
Arul's latest claim contradicted his statement in an interview with Malaysiakini before the May 9 general election where he insisted that the value of the "fund units" were there.
Quizzed repeatedly by Malaysiakini, Arul was adamant that the US$2.5 billion was available for 1MDB to pay off the company's debt.
In total, 1MDB previously claimed it held approximately US$2.5 billion (RM9.8 billion) in "fund units" with US$940 million held by its subsidiary Brazen Sky Ltd and another US$1.56 billion by a separate subsidiary 1MDB Global Investment Ltd (1MDB GIL).
However, the US Department of Justice claimed the "fund units" were "relatively worthless" and was a front for money that had been stolen.
Meanwhile, Lim said it is unbelievable that a highly paid and experienced investment banker can be so irresponsible and clueless as to not know whether RM9.8 billion worth of investments is even real. -Mkini
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