1 MDB's Arul Azrul Kandasamay still in the lead for this year's Comical Ali Award

Said before, must say it again:

Reading Arul Kanda's latest press release is bringing to mind a character from the past........one wonders if Azrul and Comical Ali (aka Muhammad Saeed al-Sahhaf)    are related ,or if Robert Ho has been using Ali as a source of inspiration:



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1MDB regrets half truths being spread about firm

Published: 8 October 2015 10:58 PM
1Malaysia Development Bd (1MDB) today said it regretted that "half truths" were being peddled about the company by politicians.

The finance ministry-owned firm, in a statement tonight said such was part of a "deliberate and politically-motivated attack" to sabotage its planned energy IPO and the ongoing rationalisation plan presented to the Cabinet in May.

1MDB was responding to former deputy prime minister Tan Sri Muhyiddin Yassin, who yesterday had called for a speedy resolution to the issue and placed the onus on Prime Minister Datuk Seri Najib Razak, who is the chairman of the company's advisory board.

 It also insisted today that the characterisation of the company as a debt laden company was "misleading".

"1MDB regrets that, despite repeated clarifications, certain current and former politicians continue to issue half-truths about the company," it said.

"It is now clear that this is part of a deliberate and politically motivated attack, to sabotage not only our previously planned energy IPO but the ongoing implementation of our rationalisation plan," it added.

The company said that as a former member of the Cabinet, Muhyiddin knew "full well" that 1MDB's assets exceeds its debt.
"As a Cabinet member when 1MDB was formed, Tan Sri Muhyiddin was fully aware of 1MDB's capital structure.

"With RM1 million in equity from its shareholder, the Ministry of Finance, 1MDB raised capital on the markets – which is the debt on the company's accounts," it said.

It added that many businesses, both in Malaysia and abroad, have used debt to successfully build their asset base.

"In 1MDB's case, from RM1 million equity, total group shareholder equity of RM1.7 billion was generated as of 31 March 2014.

"Notwithstanding the subsequent and ongoing challenges, which are well documented and acknowledged, 1MDB remains confident of generating surplus value as we progress with the rationalisation plan." the statement said.

In response to the Conference of Rulers' statement, Muhyiddin had said that the onus was on Najib to heed the Malay rulers' call for the government to settle issues involving 1MDB.

The Umno deputy president said the statement showed that the Conference of Rulers were aware that issues on 1MDB were damaging the people's confidence in the government.

Muhyiddin was sacked from the deputy prime minister's post in a Cabinet reshuffle in July.

He had been vocal in criticising the prime minister over the government's handling of the 1MDB scandal and over the RM2.6 billion that was deposited into Najib's personal bank accounts. – October 8, 2015.

- See more at: http://www.themalaysianinsider.com/malaysia/article/1mdb-regrets-half-truths-being-spread-about-firm#sthash.BRWpmi46.dpuf

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