This article first appeared in The Edge Financial Daily, on December 2, 2015.

KUALA LUMPUR: Public Accounts Committee (PAC) chairman Datuk Hasan Arifin yesterday said the bipartisan panel was “relieved” that 1Malaysia Development Bhd (1MDB) had dealings with reputable companies abroad.

“We are relieved 1MDB dealt with companies that had reputation,” Hasan said after hearing testimony from 1MDB president and group executive director Arul Kanda Kandasamy for almost five hours.

Previously, 1MDB was criticised for the deals it struck with foreign firms, including its deal with PetroSaudi International Ltd.

It also made several offshore investments in the Cayman Islands, which attracted much criticism.

Hasan also said that the Auditor-General’s report on 1MDB would be released on Dec 17, one day before Arul Kanda has to attend a PAC hearing for a second time for further explanation.

Hasan maintained that the panel was satisfied with Arul Kanda’s explanations.

“We are satisfied, but we just need more information so that we can put out a fair and just report. He has answered all questions well.”

Arul Kanda answered questions regarding 1MDB’s administration from the time of its formation until now in an extensive proceeding, but the panel requested for a second hearing.

“They (the panel) have requested for a second round of questioning, and we will happily oblige. I will wait for a letter from the PAC secretariat,” Arul Kanda told reporters.

“I’m very thankful for this opportunity to tell our side of the story.

“We have answered all the questions to the best of our abilities,” he added.

PAC’s probe will continue by hearing testimony from 1MDB chairman Tan Sri Lodin Wok Kamaruddin on Dec 17.

PAC is attempting to wrap up its 1MDB probe and have a report tabled in Parliament by March next year. — The Malaysian Insider