A company that loses its mind must be in default of all and any borrowing: The implications of the resignation of the entire 1 MDB board

by Ganesh Sahathevan

The board of directors in any company is its "mind", its decision making faculty. Removing the board of directors and not immediately replacing it is a bit like taking a shot in the head, the body cannot function, for no decisions can be made.
It follows therefore that a company that has lost its board , ie its mind, must by definition be non-functioning  and thus in default of all its debt obligations, among other things.
END 

The Minister of Finance Incorporated (MOF Inc) has confirmed the acceptance of the resignation of 1MDB’s board of directors.
As the 100 percent shareholder of 1MDB, MOF Inc said the resignation would come into effect on May 31.
“MoF Inc will appoint new board members in due course, to reflect the limited business profile of 1MDB,” it said in a statement today.
It, however, confirmed that 1MDB’s president Arul Kanda Kandasamy would remain in his role as president and executive director until further notice.
“He will continue to focus on his specific mandate to implement the rationalisation plan, which will include resolution of the recent contractual dispute with IPIC,” it added.


Read more:http://www.malaysiakini.com/news/340240


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  1. Lee King KengMay 9, 2016 at 11:44 AM

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