Malaysia’s finance ministry to dissolve 1MDB board of advisers – Business Insider

6 months ago Comments Off on Malaysia’s finance ministry to dissolve 1MDB board of advisers – Business Insider

Najib Razak Malaysia Prime MinisterREUTERS/Olivia HarrisMalaysia’s Prime Minister Najib Razak attends an event in Kuala Lumpur, Malaysia on March 14, 2016.

KUALA LUMPUR (Reuters) – Malaysia’s finance ministry said on Wednesday it would dissolve the board of advisers at state fund 1Malaysia Development Berhad (1MDB), following the recommendations of a parliamentary inquiry into the troubled firm.

The Malaysian parliament’s Public Accounts Committee (PAC) last month had recommended for the 1MDB advisory board, chaired by Prime Minister Najib Razak, to be abolished, following a probe into alleged graft and mismanagement at the fund.

The finance ministry, which is the sole shareholder of 1MDB, said in a statement it would also remove Article 117 and change all references of “Prime Minister” to “Minister of Finance”, in the fund’s company articles.

Article 117 requires the prime minister’s written approval for all of 1MDB’s financial commitments, including investments, and matters such as the appointment of the board of directors.

(Reporting by Rozanna Latiff; Editing by Jacqueline Wong)

Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.

Malaysia’s finance ministry to dissolve 1MDB board of advisers – Business Insider}

    Related Posts

    2 Former Finance Professionals Charged With Exploiting Seniors – CBS Local

    7 months ago
    MINNEAPOLIS (WCCO) – State commerce officials are advising senior citizens and their families to be vigilant over their bank accounts after two former finance professionals were charged with exploiting... Read More

    Asia Markets: Nikkei tumbles as yen strengthens on Brexit uncertainty

    4 months ago
    Japanese stocks tumbled Wednesday, leading stock markets across Asia sharply lower as a fresh bout of anxiety over Brexit risks rattled investors. – Top Stories Read More

    Finance news you need to know today –

    8 months ago
    Volkswagen AG chief executive Matthias Mueller. HERE are eight things making news in business and finance today. 1. SYDNEY — The Australian dollar is rallying again after a brief cool-off. At... Read More

    After the ceasefire: Voices from Aleppo

    4 weeks ago
    Since the ceasefire collapsed, opposition districts in Aleppo have suffered a fearsome bombing campaign Europe homepage Read More
    Real Time Web Analytics