Addressing the crowd: Arul during a media conference at The Royale Chulan KL Hotel.
PETALING JAYA: 1MDB will have no daily operations after the rationalisation plan and will act as a shell company, only receiving cash flow from the plan to pay bond debts.
This decision was made following the PAC recommendation that subsidiaries and asset-holders be handed over to Ministry of Finance Inc, said 1MDB president and chief executive officer Arul Kanda Kandasamy.
Already a subscriber? Log in
Save 30% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
