Am I surprised to learn that the CEO of 1MDB resigns??? This brainchild of Najib is going to be the mother of all filthy scandals in the country as mentioned repeatedly by Tony Pua earlier!!!! Quote: Malaysian strategic investor 1Malaysia Development Bhd (1MDB) chief executive Mohd Hazem Abdul Rahman is resigning from his job today and will be replaced by Abu Dhabi-based Malaysian banker Arul Kanda Kandasamy, sources say. Arul, 38, will be made 1MDB group president and executive director. He has been an executive vice-president, head of Investment Banking Group and head of Corporate Finance Division, for the Abu Dhabi Commercial Bank since July 2008. He had also served as a non-independent non-executive director of Malaysias RHB Investment Bank Bhd from July 2009 to May 10, 2011, and as a director of RHB Islamic Bank Bhd, apart from being a non-independent non-executive director at RHB Capital Bhd from July 20, 2009 to May 10, 2011. His predecessor, Hazem, joined 1MDB as the chief operating officer in August 2012. The government-linked strategic investment has been hit by controversies over its debt portfolio and for keeping RM7.18 billion in the Cayman Islands. Deputy Finance Minister Datuk Ahmad Maslan said last year 1MDB had already brought back 60% of its funds, and the balance 40% will return to Malaysia by end of 2014 although it had registered a return of 6% to 7% as of end of last yea Unquote - See more at: themalaysianinsider/malaysia/article/1mdb-ceo-resigns-banker-arul-kanda-takes-over#sthash.93zpT3uN.dpuf
Posted on: Mon, 05 Jan 2015 12:19:16 +0000
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