PAC satisfied with Arul Kanda's explanation

The Public Accounts Committee (PAC) is satisfied with the explanation of 1Malaysia Development Bhd (1MDB) president and group executive director Arul Kanda Kandasamy on matters related to the company in the morning session held Tuesday.

PAC chairman Datuk Hasan Arifin said the proceedings which began at about 11 am at the Parliament building, went smoothly, and with a break, would resume at 2.30 pm for the subsequent session.

"The PAC will listen further to Arul Kanda's explanation in the afternoon. Following that, I will issue a press statement.

"If we (PAC) are unable to complete the proceeding, it will be continued. What is important is, we receive precise information, to ensure the report is fair," he told reporters after the session.

This morning's proceeding was the first between Arul Kanda and the PAC after he failed to attend two previous sessions when called to do so.

Arul, who looked calm, came out of the room for the proceeding with a smile before leaving the Parliament premises.

He also declined to take questions from the waiting media.

Yesterday, the PAC summoned the former 1MDB president/chief executive officer Datuk Shahrol Azral Ibrahim Halmi to give his statement.

It was in relation to the control of 1MDB's management, beginning with the Terengganu Investment Authority (TIA) in 2009 and up the official formation of 1MDB in September of the year.

Hasan was reported as saying that the Auditor General's final report on 1MDB is expected to be tabled before the PAC on Dec 17.

He said the PAC would be also calling 1MDB chairman Tan Sri Lodin Wok Kamaruddin to give his statement to the PAC after looking at the Auditor General's report.

According to Hasan, the complete 1MDB report by the PAC is expected to be ready in March next year.