Arul Kanda took a paycut

Najib: Arul Kanda took a paycut to join 1MDB

Emmanuel Santa Maria Chin

Malay Mail
1 August 2018, 5:26 AM GMT

Datuk Seri Najib Razak says Arul Kanda took a big pay cut to join 1MDB. — Picture by Hari Anggara

KUALA LUMPUR, Aug 1 — Former prime minister Datuk Seri Najib Razak claimed Arul Kanda Kandasamy gave up higher pay to join 1MDB, after it was revealed the latter was offered RM5 million to do so.

Najib also argued the remuneration was justified given the former executive's performance, despite the recent release of the Auditor General’s report on the state investment firm showing its debt mountain remained largely intact despite a so-called “rationalisation”.

“He (Arul) was earning much more when he was working a bank in the United Arab Emirates, so he took a big pay cut to join 1MDB,” he said.

“Secondly, he was successful in reducing the debt from RM50 billion to RM30 billion, he has accomplished that part of his responsibility.”

Najib also insisted that Arul Kanda’s disclosed remuneration at 1MDB must be viewed in the context of his previous earnings.

Finance Minister Lim Guan Eng disclosed the pay package this week, before saying the government will not pay the remainder of the RM2.5 million due to Arul.