No of­fi­cial no­ti­fi­ca­tion on board re­moval, says Arul Kanda

New Straits Times - - Business -

KUALA LUMPUR: 1Malaysia De­vel­op­ment Bhd (1MDB) pres­i­dent Arul Kanda Kan­dasamy says he has not re­ceived any of­fi­cial no­ti­fi­ca­tion on his re­moval from the board of direc­tors of Ban­dar Malaysia Sdn Bhd and Tun Razak Ex­change (TRX).

He said as those com­pa­nies have been trans­ferred by 1MDB to Min­is­ter of Fi­nance

Inc (MoF) since March

31 this year, it is only rea­son­able to ex­pect that MoF will seek to ap­point new direc­tors, per its dis­cre­tion.

“It is public in­for­ma­tion that my ap­point­ment as a board mem­ber of TRX City and Ban­dar Malaysia was due to 1MDB be­ing the share­holder of both firms.

“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,” he told NST Busi­ness last night.

An on­line news por­tal, cit­ing sources, claimed that Arul had been re­moved due to “po­ten­tial con­flicts of in­ter­est” fol­low­ing the fall­out Ban­dar Malaysia deal with the con­sor­tium of Iskan­dar Wa­ter­front Hold­ings Sdn Bhd and China Rail­way En­gi­neer­ing Corp.

Arul Kanda says he will ac­cept any de­ci­sions made by the share­holder

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