Arul Kanda wants "breathing space" to implement 1MDB rationalisation plan

1Malaysia Development Berhad (1MDB) President and Group Executive Director Arul Kanda Kandasamy said the public should give the company "breathing space" to enable it to implement a rationalisation plan to reduce its debts.

"We want to substantially reduce the debt of the company.

"What is important is that we have to be given the breathing space to implement the plans and the investigators must be given the breathing space to conclude their investigations," he told a news conference here today.

In June, 1MDB had submitted a three-part debt rationalisation plan to the Cabinet, which included selling the equities in energy company Edra Global Energy Bhd that would reduce 1MDB's debt by between RM16 and RM18 billion.

The second part is the debt equity swap with Abu Dhabi wealth fund, International Petroleum Investment Company (IPIC) that would reduce 1MDB's debt by about RM16 billion.

The third part is the sale of 1MDB's equity in Bandar Malaysia valued at around RM11 billion, said Arul Kanda.

He added that at the same time, 1MDB would remain committed to service the interests and principal of the company's debts.

He said the company would also focus on cooperating with the authorities on all ongoing investigations into the company so that the right answers and facts could be provided to enable the rakyat and all interested parties to get the final version of the truth.