1MDB repays US$975 million debt, says Arul Kanda

In a statement Monday, 1MDB president and group executive director Arul Kanda Kandasamy confirmed that the repayment reflected the agency’s commitment to reduce its debt levels in line with the rationalisation plan approved by the cabinet.

The Finance Ministry on May 29, announced 1MDB’s plan to repay the RM3.6 billion to a syndicate of international banks.

Earlier this month, the company has given a clear breakdown of how the RM42 billion fund was used.

Arul Kanda in a report Tuesday had quashed 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 issued.

“1MDB notes with concern certain allegations contained in various articles published by The Edge newspaper on 6 June 2015.

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