The Ministry of Finance today announced a new board of directors for 1Malaysia Development Berhad (1MDB).
The new three-member board is chaired by Treasury secretary-general Tan Sri Mohd Irwan Serigar Abdullah.
Fellow members of the board are Senior Private Secretary to the Chief Secretary of the Government Datuk Norazman Ayob and Prokhas Sdn Bhd chief operating officer Datuk Kamal Mohd Ali.
MoF said Arul Kanda Kandasamy will continue as the 1MDB president.
1MDB's board of directors had offered their resignation on Apr 7 following the Public Accounts Committee (PAC) report on the company.
In a 106-page report, the PAC said 1MDB's capital financing structure and financial performance are "not satisfactory", leading to weak corporate governance.
READ: 1MDB's board offer resignation following PAC's report
READ: 1MDB: Former CEO Shahrol Azral Ibrahim Halmi must be probed
The PAC began its probe into 1MDB in May last year where the first PAC session involving the company was held on May 19.
Suganthi Suparmaniam
Tue May 31 2016
Mohd Irwan Serigar Abdullah to chair 1MDB's new board of directors, the MoF announced today.
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