Syed Mohamed who is also DRB-Hicom property chief will take on his new task on Nov.1 (read Malaysian Insider report).
Azman made the announcement of the leadership change at a town hall meeting with IIB employees in Johor Baru this morning. Results of an internal audit had pushed Khazanah to take today’s drastic step.
Whether the decision got a prior approval from the government, has yet to be ascertained. However, sources said Arlida was informed of her removal a few days ago, and she refused comments.
It is also still unclear, however, if the sovereign wealth fund would press charges against anyone following the audit in the company, which acts as a catalyst for Malaysia’s massive development in Johor.
Khazanah initiated an audit into the financial management and operations of IIB earlier this year following reports of alleged kickbacks, inflated costs and alleged questionable procurement procedures.