PKR vice-president Rafizi Ramli is one the fiercest critics of the debt-ridden state-owned investment arm 1Malaysia Development Berhad (1MDB).

And now 1MDB confirms that his acquaintance Arul Kanda Kandasamy is to helm the debt and allegation-riddled firm.

However, Rafizi told Malaysiakini that he would not "withhold punches" with regard to delving deeper into the issues plaguing 1MDB.

"In fact, I just finished a meeting on 1MDB, we will greet him with more revelations," he said, amid laughter.

Rafizi said both Arul Kanda, 38, and him were contemporaries, having pursued their education in the United Kingdom at the same time.

He added that the pair were also both debaters and members of UKEC, the acronym for the United Kingdom and Eire (Ireland) Council of Malaysian Students.

Describing him as intelligent, Rafizi, who is also the Pandan MP, said credit must be given where it is due.

"He is also a persuasive communicator, and I don’t doubt the merit of his appointment," he added.

However, Rafizi painted a bleak picture as to how much Arul Kanda could do to salvage the firm.

“No matter how qualified, he has to do continuous defensive work for lousy decisions which were not his in the first place.

“It is not so much whether the CEO is capable, the modus operandi (of 1MDB) is cloaked with secrecy, making it a difficult atmosphere for anyone,” he added.

1MDB chairperson Lodin Wok Kamaruddin (right) in a statement late today said Arul Kanda replaces CEO Mohd Hazem Abdul Rahman with immediate effect.

He is appointed president and group executive director effective.

"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.

Below is a brief introduction of who this corporate bigwig is:

Most recent position: Executive vice president and head of investment banking at Abu Dhabi Commercial Bank.

Education history :

- Royal Military College (RMC) (1990)

In 1990, he wins the prestigious Plain English Speaking Award in Melbourne. He was also awarded the Guinness Stout Effort Award (November)

- LLB (Hons) July 1998, The London School of Economics and Political Science

- Master's Degree, University College London (2000), with distinction in corporate and commercial law.

Employment history:

- Analyst for Securitisation, London at Credit Agricole Corporate and Investment Bank (Calyon)  from January 2002 to June 2003.

- Associate Director of Securitisation, London at Calyon from July 2003 to May 2004.

- Director of Capital Markets, Bahrain at Calyon from June 2004 to June 2005.

 - Head of Islamic Banking, London at Calyon from July 2005 to August 2006.

-Served as the head of Islamic Financing Solutions, Barclays Capital, Dubai from September 2006 to July 2008;

- Executive vice-president, head of investment banking group and head of corporate finance division, Abu Dhabi Commercial Bank since July 2008.

-Served as a non-independent non-executive director of RHB Investment Bank Bhd from July 20, 2009 to May 10, 2011.

1MDB CEO Mohd Hazem resigns