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No 1MDB loan from Amanah Raya

Amanah Raya's statement also denied such a transaction had taken place with 1MDB.

Syndicated News
Written by Syndicated News

KUALA LUMPUR — June 10, 2015: 1Malaysia Development Bhd (1MDB) today denied that it had taken a RM2 billion loan from Amanah Raya Berhad (AmanahRaya).

“There is no truth in the claim by an opposition Member of Parliament that 1MDB has taken a RM2 billion loan from AmanahRaya Bhd,” said president and group executive director Arul Kanda Kandasamy in a statement.

He went on to say that 1MDB has never had any financial dealings, including borrowings, with AmanahRaya.

In another statement, AmanahRaya also denied that there was such a transaction.

“AmanahRaya wishes to state that the media reports are unfounded and malicious. We deny that AmanahRaya has ever extended any loan to 1MDB.

“We wish to stress that AmanahRaya has always observed strict governance exercise in all our dealings through out investment committee and board of directors’ approval,” it said.

AmanahRaya said it took such unfounded and malicious allegation against it seriously and would not hesitate to take any available legal recourse to protect its business and reputation.

It also quashed newsreports today that alleged AmanahRaya chairman Dusuki Ahmad was replaced by Reezal Merican Naina Merican due to issues related to the said loan.

AmanahRaya is Malaysia’s premier trustee company and has been around for over 90 years. It is a market leader in providing trust, legacy management and will services.

In another statement, Kandasamy pledged that 1MDB will ensure better communication with all stakeholders pertaining to the company’s information.

“As the president of the company, I take full responsibility for this misunderstanding, and will ensure better communication with all stakeholders.

“Furthermore, as clarified by the Ministry of Finance (MoF), appropriate steps have been implemented to prevent this happening again.”

Kandasamy was responding to former prime minister Tun Dr Mahathir Mohamad’s claim in his blog yesterday that a parliamentary response submitted by the MoF was subsequently amended.

On May 24, the MoF clarified that the documents on the financial status of 1MDB at BSI Bank in Singapore were written and checked by ministry
officials based on information provided by 1MDB.

As a professional, Kandasamy said he is fully accountable for his actions and answerable to the 1MDB’s board and its shareholder, the MoF.

In the current context, the others include the Auditor-General, Bank Negara and the Public Accounts Committee.

“These are the lawful authorities to verify whether or not I have ever lied, as has been claimed, as they have access to all information.

He echoed Prime Minister Datuk Seri Najib Tun Razak’s remarks that if any wrongdoing is proven, the law should be enforced without exception and a full accounting of the facts by lawful authorities is needed so that there can be no misinterpretation or spin.

“This is a position I fully support, both in relation to my own conduct to date, and that of 1MDB more generally,” he said.

He went on to describe the continuous shift in numbers and allegations brought up by Mahathir as perplexing. — Bernama

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Syndicated News

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News sourced from Bernama, Reuters, AFP and other accredited news agencies, including credible blogsites and news portals.