Johari: Arul Kanda removed from Bandar Malaysia

1Malaysia Development Bhd (1MDB) has a cash surplus of about US$550mil (RM2.12bil), or 11 times the US$50mil (RM192.5mil) amount due on interest that was payable on April 18, president Arul Kanda said in a Bloomberg Television Malaysia interview.

PETALING JAYA: The president of 1Malaysia Development Bhd (1MDB) Arul Kanda Kandasamy has been removed as chairman of Bandar Malaysia and was not involved in the recent settlement agreement between the financially troubled fund 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 (PMO) and the board of 1MDB.