1MDB denied transfer of funds - Arul Kanda

1Malaysia Development Berhad (1MDB) president Arul Kanda Kandasamy today denied allegations that the company had transferred funds to any third party, other than the intended beneficiary.

“1MDB notes with concern certain allegations contained in various articles published by The Edge newspaper on 6 June 2015," Arul Kanda said in a media statement today.

“The Board of Directors of 1MDB categorically denies that it has ever approved any action or series of actions to transfer funds from the company to any third party other than the intended beneficiary,” Arul Kanda who is also the 1MDB group executive director.

“Notwithstanding this, 1MDB has shared information with the Auditor General Department and Bank Negara Malaysia for further review and investigation,” he added.

Over the weekend, financial weekly The Edge had reported that the 1MDB board of directors were in cahoots with businessman Low Taek Jho, or Jho Low, had in 2010 used US$260 million of 1MDB funds to do a take over of UBG Bhd.