Malaysia’s Finance Ministry announces 1MDB’s new 3-member board of directors – Channel News Asia

8 months ago Comments Off on Malaysia’s Finance Ministry announces 1MDB’s new 3-member board of directors – Channel News Asia

KUALA LUMPUR: Malaysia’s Ministry of Finance has announced the appointment of a new board of directors for 1Malaysia Development Berhad (1MDB), succeeding the previous board, whose resignations take effect on Tuesday (May 31). 

In a statement released on Tuesday, the Ministry said the new three-member board is chaired by Tan Sri Dr. Mohd Irwan Serigar Abdullah, Secretary-General of Treasury, Ministry of Finance.

Fellow members of the board include Dato’ Norazman Ayob, Senior Private Secretary to the Chief Secretary of the Government, and Dato’ Kamal Mohd Ali, Chief Operating Officer of Prokhas Sdn Bhd. 

Mr. Arul Kanda will continue as President of 1MDB. 

The statement said, “The change of board reflects 1MDB’s new direction as a non- operating company, focusing on completion of the successful rationalisation plan and on servicing future debt repayments.”

The Ministry of Finance Inc., as the 100% shareholder of 1MDB, also said it has implemented the recommendations by the Public Accounts Committee (PAC) to amend the 1MDB Articles of Association, with effect from 31 May 2016.

This includes, among others, dissolution of the 1MDB Board of Advisors, removal of the current Article 117 and change of all references from “Prime Minister” to “Minister of Finance”.

It added that “Tangible progress is being made on the transfer of ownership of Bandar Malaysia Sdn Bhd, TRX City Sdn Bhd, Air Itam lands and Pulau Indah land to MoF Inc., and further announcements will be made in due course on this matter.”

Malaysia’s Finance Ministry announces 1MDB’s new 3-member board of directors – Channel News Asia}