Friday, September 30, 2022

1MDB Board of Advisers to be dissolved

Secara Rawak

KUALA LUMPUR: The Finance Ministry said Wednesday state investment fund 1Malaysia Development Bhd.’s board of advisers will be dissolved effective May 31, 2016 following a parliamentary inquiry into the fund, according to Wall Street Journal (WSJ).

The ministry, headed by  Datuk Seri Najib Razak, who is also Finance Minister, said it accepted the resignation of the 1MDB board of directors, Malaysia’s Ministry of Finance wholly owns 1MDB.

“The move marks the winding up of 1MDB, which was founded by  Najib in 2009 but is now the focus of corruption probes in Malaysia and in at least six other countries,” it reported.

WSJ said, the announcement comes almost a month after 1MDB announced that its board of directors had collectively offered their resignations to the finance ministry following a parliamentary inquiry into the fund.

The bipartisan Public Accounts Committee (PAC), which submitted the inquiry report to parliament in early April, said it found the financing and performance of 1MDB “unsatisfactory” and called for a probe into the fund’s former chief executive, it added.

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