Treasury Sec-Gen Irwan Serigar heads 1MDB board

Treasury Secretary-General Tan Sri Dr Mohd Irwan Serigar Abdullah

KUALA LUMPUR:  The secretary-general of Treasury Tan Sri Dr Mohd Irwan Serigar Abdullah has been appointed to head the three-member board of directors for 1Malaysia Development Bhd (1MDB).

The Minister of Finance Incorporated (MOF Inc.) announced on Tuesday the other two members are the senior private secretary to the Chief Secretary of the Government Datuk Norazman Ayob and Prokhas Sdn Bhd chief operating officer Datuk Kamal Mohd Ali.

The  new three-member board succeeds the previous board whose resignation took effect on Tuesday.

“The change of board reflects 1MDB’s new direction as a non-operating company, focusing on completion of the successful rationalisation plan and on servicing future debt repayments. 

MoF Inc said Arul Kanda will continue as president of 1MDB. 

MoF Inc said the previous board had remained committed and steered the company through a challenging period, resulting in the successful rationalisation plan. 

MoF Inc, which owns 100% of 1MDB, confirmed it had implemented the recommendations by the Public Accounts Committee (PAC) to amend the 1MDB Articles of Association, with effect from May 31.

“This includes, amongst 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 lands and Pulau Indah land to MoF Inc., and further announcements will be made in due course on this matter,” said MoF Inc.