1MDB's new boss sets record straight on key niggling issues

Singapore

MALAYSIA's state-owned 1Malaysia Development Berhad (1MDB) has no plans to repatriate some US$1.103 billion redeemed from its investments in Cayman Islands-registered funds as it will be used to service interest payment on US dollar debts, said the firm's newly appointed boss Arul Kanda Kandasamy.

"There's a very sensible and simple reason for that," said Mr Arul, eager to counter certain perceptions in an interview with The Business Times at his eighth-floor office in the heart of Kuala Lumpur's Golden Triangle.