KUALA LUMPUR, May 31 ― The Ministry of Finance (MOF) today announced the appointment of new board of directors for 1Malaysia Development Bhd (1MDB), succeeding the previous board, which officially resigned today.
The new three-member board is chaired by Treasury Secretary-General Tan Sri Dr Mohd Irwan Serigar Abdullah, Senior Private Secretary to the Chief Secretary of the Government Datuk Norazman Ayob and Chief Operating Officer of Prokhas Sdn Bhd Datuk Kamal Mohd Ali.
However, Arul Kanda would continue as President of 1MDB, said MOF.
“The change of board members reflects 1MDB’s new direction as a non-operating company, focusing on completion of the successful rationalisation plan and on servicing future debt repayments,” it said in a statement today.
MoF Inc expressed its appreciation and thanks to the previous board, which remained committed and steered the company through a challenging period, resulting in the successful rationalisation plan.
MOF Inc, as the 100 per cent shareholder of 1MDB, is pleased to confirm it has implemented the recommendations by the Public Accounts Committee to amend the 1MDB Articles of Association, with effect from May 31, 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”.
Tangible progress is being made on the transfer of ownership of Bandar Malaysia Sdn Bhd, TRX City Sdn Bhd, Air Itam and Pulau Indah land to MoF Inc, and further announcements will be made in due course on this matter. ― Bernama
