1MDB runs in line with clear set of objectives, says Ahmad Husni

1Malaysia Development Bhd (1MDB) is running in line with its objectives, says Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.

He said 1MDB was set up with a clear set of objectives, to invest in and develop projects of long-term in nature, that were of strategic importance to the economy, with the aim of ensuring their future monetisation and success.

"Having consolidated the once disparate power sector, into what is now the second largest independent power producer in Malaysia, and laid down the platform for the development of the Tun Razak Exchange and Bandar Malaysia, two projects that will be transformations for the country’s citizens and economy, the company is in line with its objectives," he said in a statement.

On Feb 18, 1MDB announced the outcome of a strategic review, undertaken in January, of its business to enable the company to maximise value for the Ministry of Finance and ultimately, Malaysians.

Ahmad Husni noted that there was now a clear strategy for each of these projects, in terms of their monetisation and governance structure which would ensure their future success.

In addition, the minister said that it was essential for 1MDB to focus on enhancing its financials further to ensure maximum value creation for the economy.

In conducting the strategic review, 1MDB said it was mindful of its vision and mission to act as a strategic enabler for new ideas and sources of growth and to drive sustainable economic development in Malaysia.