Former 1Malaysia Development Berhad president and chief executive officer Arul Kanda Kandasamy - BERNAMApix: The Court of Appeal here has partly allowed former 1Malaysia Development Berhad president and chief executive officer Arul Kanda Kandasamy’s appeal to amend his statement of defence to include his counter-claim to seek outstanding salary and bonuses from IMDB, in response to the company’s lawsuit against him.
In February this year, the High Court dismissed Arul Kanda’s application to amend his statement of defence to include the counter-claim for both issues. In May 2021, 1MDB filed a lawsuit against Arul Kanda and former 1MDB chairman Tan Sri Mohd Irwan Serigar Abdullah for alleged breach of trust and conspiracy, causing 1MDB to incur losses of US$1.83 billion in connection with its investment in 1MDB-Petrosaudi Ltd, which was converted into an investment in Brazen Sky Limited, purportedly held in the Bridge Global Fund.
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