TRX is proof of 1MDB’s success, says Arul Kanda

The Exchange 106 tower is going to be country’s tallest building and key landmark on TRX site, which is set to be a new financial district in downtown Kuala Lumpur. (TRX pic)

JOHOR BAHRU: 1MDB chief executive officer Arul Kanda Kandasamy wants the company‘s success to be measured through the realisation of the construction of its two mega projects, namely the Tun Razak Exchange (TRX) and Bandar Malaysia.

“This will put an end to the various allegations being continuously hurled by the opposition towards the company,” he said in the programme, Diskusi 1Minda 1Bicara 1MDB, here last night.

Arul Kanda says 1MDB has assets worth RM43 billion, exceeding current debts of RM31 billion.

He also said the community can see and evaluate for themselves the ongoing development around the TRX to date and the attention it is receiving from local and foreign investors.

“This is what I want to portray. 1MDB is not bankrupt and is still capable of repaying its debt, while developing its available assets. This is an undeniable fact.

“We have been able to attract investors to the TRX, including HSBC Bank Malaysia Bhd, which is building its biggest headquarters in Southeast Asia, as well as Prudential, Affin Bank Bhd and Lembaga Tabung Haji.”

According to Arul, 1MDB is also spending RM3 billion for the construction of infrastructure around the TRX such as a new market.

It is also building a road to directly connect it to key highways, that is the SMART Tunnel, the Maju Expressway and DUKE.

“Currently, 1MDB has assets valued at RM43 billion and they exceed the current debts of RM31 billion.

“The majority of the assets represents real estate, which amounts to more than is needed to repay the company’s debts,” he said.

Arul said the opposition had also sought to link Prime Minister Najib Razak, as the previous chairman of the 1MDB board of advisers, as being responsible for everything that has taken place in the company, when in reality the position had no powers under the law and Companies Act.