PETALING JAYA - Troubled state investment arm 1Malaysia Development Berhad (1MDB) has sacked its president and chief executive officer, Arul Kanda Kandasamy (pic), effective Thursday (June 28), according to a report by The Edge.
The termination letter, hand-delivered to Arul Kanda on Thursday and sighted by the financial daily, had purportedly said that Arul was sacked on grounds of dereliction of duties.
His contract was initially supposed to end on December 2017, but was given another six-month extension in January this year.
Attempts by The Star to contact Arul were unsuccessful at the time of writing.
His termination came two days early, as his contract was supposed to expire on June 30.
Arul first joined 1MDB in January 2015 and was tasked to turnaround the troubled finances of the state investment arm which was riddled with debts of about RM42 billion (S$14.2 billion) during that time.