Arul Kanda offered to resign in 2016

1MDB's board and shareholder – the Finance Ministry – had agreed to let company president Arul Kanda Kandasamy go in March 2016, but rescinded the decision a month later, his lawyer N Sivananthan said today.

"By March 2016, the framework for the 1MDB rationalisation plan was substantially in place. Accordingly, my client offered to resign during that time and the board and shareholder of 1MDB agreed to the same.

"However, as a result of the legal dispute with International Petroleum Investment Company (Ipic) in April 2016, my client was asked to remain, pursuant to the terms of the original employment contract," he said in a statement.

Arul Kanda was recruited from Abu Dhabi Commercial Bank, where he was the head of investment banking and was involved in financial restructuring exercises. His three-year term began on Jan 5, 2015.