KUALA LUMPUR: Malaysia’s finance ministry announced on Tuesday a new board of directors for 1Malaysia Development Bhd (1MDB), after the previous board was dissolved following a parliamentary inquiry into the state fund.
The new three-member board would be chaired by Tan Sri Dr Mohd Irwan Serigar Abdullah, secretary-general of treasury for the finance ministry, and includes Datuk Norazman Ayob, senior private secretary to the chief secretary of government, and Datuk Kamal Mohd Ali, chief operating officer of Prokhas Sdn Bhd, an advisory and project management firm owned by the finance ministry.
The ministry also said in a statement that “tangible progress” is being made on transfer of ownership of 1MDB’s real estate assets - Bandar Malaysia Sdn Bhd, TRX City Sdn Bhd, Air Itam lands and Pulau Indah land - to the finance ministry.
Below is the full statement from Finance Ministry:
The Minister of Finance Incorporated (MOF Inc.) is pleased to
announce the appointment of a new board of directors for 1Malaysia
Development Berhad (1MDB), succeeding the previous board, whose
resignations take effect today.
The new three-member board is chaired by YBhg. Tan Sri Dr. Mohd
Irwan Serigar Abdullah, Secretary-General of Treasury, Ministry of
Finance. Fellow members of the board are:
pbulletl i. YBhg. Dato’ Norazman Ayob, Senior Private Secretary to the
Chief Secretary of the Government; and
pbulletl ii. YBhg. Dato’ Kamal Mohd Ali, Chief Operating Officer of Prokhas
Sdn Bhd.
However, Mr. Arul Kanda will continue as President of 1MDB.
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. MoF Inc.
expresses its appreciation and thanks to the previous board, who remained committed and steered the company through a challenging
period, resulting in the successful rationalisation plan.
MOF Inc., as the 100% shareholder of 1MDB, is pleased to confirm 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, amongst 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”.
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.
--REUTERS