KUALA LUMPUR, July 10 — PwC Malaysia executive chairman Datuk Mohammad Faiz Azmi was appointed as chairman of 1Malaysia Development Berhad’s (1MDB) executive committee as part of the audit firm’s services, the state investment firm clarified today.
1MDB clarified Mohammad Faiz’s recent appointment as the chairman of the exco representing PricewaterhouseCoopers Advisory Services Sdn Bhd (PwC).
“Pursuant to the announcement made on the appointment of the Exco members on 25 June 2018, the Board of Directors is pleased to clarify that Dato’ Mohammad Faiz Azmi’s appointment as the Chairman of the Exco is part of the scope and services provided by PricewaterhouseCoopers Advisory Services Sdn Bhd (PwC) to 1MDB.
“PwC is assisting the Board and the Exco in recovering 1MDB’s assets and in managing the Company’s debt,” 1MDB’s board of directors said in a statement today.
On June 26, 1MDB announced that the Treasury's deputy secretary-general overseeing government investment Datuk Asri Hamidon has been appointed as the company's new chairman from June 25 onwards.
1MDB had then said it had also formed a new executive committee with Mohammad Faiz, the Finance Ministry's government investment companies division secretary Datin Rashidah Mohd Sies and Datuk Wan Mohd Fadzmi Wan Othman as members.
The 1MDB board has entrusted the exco to manage the day-to-day running of the company.
