KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) president and CEO Arul Kanda Kandasamy (pic) says he is unaware of any changes to his positions at Bandar Malaysia Sdn Bhd and TRX City Sdn Bhd.
Reports yesterday emerged speculating about Arul’s positions in the two companies, which were recently taken over by the Ministry of Finance Inc (MoF).
“I have not received any official notification on this matter and I am accordingly unable to comment on it,” he told StarBiz when contacted yesterday.
However, he pointed out that the government through the MoF, which had acquired the real estate assets of Bandar Malaysia and Tun Razak Exchange (TRX) on March 31, has the rights to appoint new directors to the companies.
Last week, TRX City terminated a deal with Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (CREC) for the sale of a 60% stake in Bandar Malaysia.
“As a professional manager, I serve as required by the shareholder. I will always be guided by and will accordingly accept any decisions made by the shareholder,” Arul said.
Arul was appointed as board members at Bandar Malaysia and TRX City by virtue of his post in 1MDB, where he remains as its chief since January 2015.
The Bandar Malaysia deal was first announced in December 2015, but was terminated last week. IWH CREC Sdn Bhd is disputing the termination of the agreement by TRX City.
IWH CREC had said that TRX CIty’s allegation that the share sale agreement (SSA) has lapsed, runs contrary to the conduct of the parties in progressing the SSA towards its completion.
Did you find this article insightful?