PUTRAJAYA: Finance Minister Lim Guan Eng is ready for any legal action by 1Malaysia Development Bhd (1MDB) president Arul Kanda Kandasamy.
“Arul Kanda has made many promises. If he wants to sue, we will be there.
“But it must be remembered that that he is an employee of 1MDB, the only one remaining, and 1MDB is fully owned by the MOF (Ministry of Finance),” Lim said during a press conference at the ministry here this afternoon.
It was reported earlier today that Arul Kanda was mulling legal action against Lim over the latter’s statement following their meeting at MOF yesterday.
Arul Kanda said he denied Lim’s potentially defamatory and personal attacks against him.
“Therefore, in my personal capacity, not in relation to my employment, and specifically only in relation to his statement, I have sought legal advice from my lawyers to advise me on my options,” he said.
Lim yesterday summoned Arul Kanda for a meeting to establish the status of 1MDB’s finances, specifically on its ability to repay its debts.
During the meeting, Lim asked what had happened to the US$940 million “investment” units held with BSI Bank in Singapore and US$1.56 billion worth of overseas investment funds belonging to 1MDB Global Investments Ltd.
These, Lim had said, collectively amounted to RM9.8 billion, which if redeemed would be more than sufficient to meet 1MDB financial obligations for the next few years.
Following the meeting, Lim had claimed that Arul Kanda was clueless whether the collective RM9.8 billion investment was real or not.
“I have found Arul to be utterly dishonest and preposterous. Prior to the change in government, he toured the country preaching 1MBD’s financial viability and soundness of investments,” Lim was quoted as saying.
Addtional Reporting by:Irwan Shafrizan Ismail, Mahanum Abdul Aziz and Ooi Tee Ching