The chief executive of a troubled, deeply indebted Malaysian investment fund strongly rejected accusations of a cover-up, Channel NewsAsia reported.
"There is no possibility of a cover up, there is no concealing," Arul Kanda Kandasamy, who took the helm of 1Malaysia Development Berhad (1MDB) around a year ago, said in an interview with Channel NewsAsia.
Arul blamed Malaysia's political opposition for criticism of the fund as well as for 1MDB's struggle to get "better value" when selling its assets.
"It's a factual matter, if you have a sales process going on and you are bogged down by negativity, it impacts market sentiment," he told Channel NewsAsia. "All negative noises have reduced the pool of investors and naturally that has impacted the prices that can be achieved."
1MDB, which was launched in 2009 as one of Prime Minister Najib Razak's pet projects, has been under scrutiny for months amid allegations of financial fraud. The fund is undergoing a "rationalization" program, launched in May, to reduce its debt of more than $11 billion by selling assets.