Malaysia
1MDB chief Arul Kanda to skip PAC probe tomorrow

KUALA LUMPUR, May 25  — The Public Accounts Committee (PAC) will not get to grill 1 Malaysia Development Berhad (1MDB) chief executive Arul Kanda Kandasamy tomorrow as he has excused himself from attending the parliamentary committee hearing.

It is understood that Arul and his predecessor, Datuk Shahrol Halmi, had written in to inform the committee that they would not be able to attend the hearing as they are currently overseas.

“PAC chairman Datuk Nur Jazlan (Mohamed) should be revealing more details on this later after the meeting,” a source close to the committee said.

The PAC was initially scheduled to question both Arul and Shahrol over 1MDB’s dealings as part of the committee’s probe into questionable deals made by the state-owned fund.

Aside from the PAC, the Auditor-General is also conducting an audit on the accounts of 1MDB, which has reportedly amassed debts of some RM42 billion since it was incorporated in 2009.

1MDB was incorporated in 2009, after Prime Minister Datuk Seri Najib Razak announced the decision to turn the Terengganu Investment Authority state fund into a federal agency.

Since then the fund has been dogged by negative publicity over its finances and debts with the most recent being the controversial land deal with Lembaga Tabung Haji.

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