Arul Kanda sacked as 1MDB chief

PETALING JAYA: 1Malaysia Development Bhd (1MDB) president and chief executive officer Arul Kanda Kandasamy has been sacked.

According to sources, his termination happened two days before his actual contract was to end today.

Sources also said that there would be no contractual bonus and Arul Kanda’s salary for May and June was not paid to him too.

The Edge financial daily reported that Arul was sacked on grounds of dereliction of duties.

His contract was initially supposed to end last December, but he was given a six-month extension in January.

Arul Kanda, 41, a law graduate from the London School of Economics, took over as 1MDB president and group executive director on Jan 6, 2015.

He honed his skills as an investment banker in London and the Middle East prior to that.

Arul Kanda spent a decade with Barclays in London and later moved on to set up Credit Agricole in the Middle East.

Later, he joined Abu Dhabi Commercial Bank PJSC (ADCB) as its executive vice-president and head of investments.

He served as non-independent non-executive director of RHB Investment Bank Berhad from July 2009 to May 10, 2011.