ARUL KANDA RETAINED TO BE THE FUTURE SCAPEGOAT FOR 1MDB? NAJIB KEEPS ARUL’S REMOVAL FROM BANDAR MALAYSIA A MYSTERY

BEIJING – Arul Kanda Kandasamy remains the president of 1MDB Bhd, said Prime Minister Datuk Seri Najib Tun Razak.

“I have full confidence in him. He has provided good leadership for the rationalisation of 1MDB and he will continue to be there,” Najib said at a press conference here with Malaysian media on Monday.

The Prime Minister said Arul Kanda would also be involved in the development of TRX City Sdn Bhd.

Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah would be in charge of the Bandar Malaysia development and would be consulting Arul Kanda closely on that, he said.

“I just want to clarify this because there are all kinds of rumours swirling in the market,” Najib added.

On further questions on the Bandar Malaysia deal, Najib once again said he would talk about it when it is finalised.

The Finance Ministry announced on May 3 that it had called off a deal to sell a 60% equity stake in Bandar Malaysia to a consortium comprising Iskandar Waterfront Holdings Sdn Bhd (IWH) and China state-owned China Railway Engineering Corporation (CREC).

 

The reason given was that IWH-CREC had defaulted on payments.

It was reported that Arul Kanda has been removed as chairman of Bandar Malaysia and was not involved in the recent settlement agreement between 1MDB and International Petroleum Investment Corp (IPIC).

Second Finance Minister Datuk Seri Johari Abdul Ghani said that the settlement agreement entered with IPIC recently was handled directly by the Prime Minister’s Office and the board of 1MDB.

– ANN

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