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1MDB has terminated the service of its president and chief executive officer, Arul Kanda Kandasamy, effective yesterday.
The letter of termination, sighted by Malaysiakini said that Arul Kanda is found to have "breached the contract and fiduciary duty" as the head of 1MDB.
(Unsupported http://www.dailymotion.com/embed/video/x6n3nfw?autoplay=1&logo=0&related=0&chromeless=0&info=0&syndication=273768)
The decision to terminate Arul Kanda's service was made during a board meeting on June 25, and the said letter was served to him yesterday, said sources.
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