The Public Accounts Committee (PAC) is relieved by how 1MDB conducts its business overseas, said its chief Hasan Arifin today.

"Overall, the PAC is relieved that 1MDB's business dealings and investments overseas are with reputable foreign companies," Hasan said in a statement.

The statement was released after the PAC grilled 1MDB president Arul Kanda Kandasamy for five hours today.

PAC member and Petaling Jaya Utara MP Tony Pua, however, said the committee had yet to deliberate on the interview yet.

"We thank Arul Kanda for his cooperation during the questioning and await further documents which haven't been provided to the auditor-general.

"The PAC hasn't deliberated on the findings and interviews yet, hence any conclusions at the moment is not the position of the PAC," he told Malaysiakini .

This is at odds with both Hasan's earlier statement and remarks to reporters after the PAC hearing.

"We are satisfied but we need more details [...] Arul Kanda managed to give full cooperation and give good answers to us," Hasan had told reporters.

Hasan said Arul Kanda would be called again to clarify certain matters on Dec 17.

Arul Kanda said he was questioned on 1MDB's administration and what it has been doing from its foundation till now.

The same questions were asked of former 1MDB CEO Shahrol Halmi who was also quizzed on 1MDB's controversial joint venture (JV) with PetroSaudi International.

Promissory notes

The JV was the subject of controversy after The Wall Street Journal claimed 1MDB funds meant for it ended in the coffers of Good Star Ltd, a company allegedly owned by business tycoon Jho Low.

The JV was called off in 2011 and 1MDB was compensated with a 49 percent stake in PetroSaudi Oil Services Limited (PSOSL) valued at US$2.2 billion.

This stake was sold to Bridge Partners International Investment in August that year in exchange for promissory notes worth US$2.32 billion.

This was the alleged assets 1MDB said it had in the Cayman Islands.