1MDB chief executive officer Mohd Hazem Abdul Rahman resigned today and is replaced by Abu Dhabi-based Malaysian banker Arul Kanda Kandasamy, 1MDB confirmed.

The 38-year-old is appointed president and group executive director effective immediately, 1MDB chairperson Lodin Wok Kamaruddin said in a statement.

"It is time for the company to silence its critics and deliver against its stated objectives..," Lodin said said.

Arul Kanda said his priority will be to do a strategic review of the debt-laden Ministry of Finance-owned company’s operations.

He joins from from Abu Dhabi Commercial Bank, where he was Executive Vice President and Head of Investment Banking.

Ironically, an Umno-linked website myKMU.net earlier dismissed a news report on the same matter, as a blatant lie.

The portal said reports of Mohd Hazem's resignation is part of attacks on Prime Minister Najib Abdul Razak, who chairs 1MDB's board of advisors.

New 1MDB CEO and critic go way back