Arul Kanda Kandasamy, the former CEO of 1Malaysia Development Berhad (1MDB), testified in court that he did not investigate why the company's two auditors, EY and KPMG, were terminated. He claimed he joined 1MDB in 2015, after the terminations, and did not engage with stakeholders to understand the reasons behind their departure.
: Arul Kanda Kandasamy, the former CEO of 1Malaysia Development Berhad , testified in the High Court today that he did not ask why the company’s two auditors were terminated. Arul Kanda clarified that he did not inquire about the matter because he only joined the sovereign wealth fund in 2015.
Lim: Did you engage with the stakeholders of your former auditors, namely EY and KPMG, to understand why they resigned or were terminated?When asked by Judge Datuk Raja Ahmad Mohzanuddin Shah Raja Mohzan if he had seen reprimanded reports from KPMG, Arul Kanda replied: “I do not know if there are any reprimanded reports”.
1MDB also alleged that both defendants committed breach of trust and conspiracy by misappropriating USD3.5 billion in company funds paid to Aabar Investments and USD1.265 billion paid to International Petroleum Investment Company on May 9, 2017.
1MDB Arul Kanda Auditors Termination Lawsuit
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