1MDB exco chairman to help PwC recover assets, manage debts

KUALA LUMPUR: The appointment of Datuk Mohammad Faiz Azmi as the chairman of the executive committee is part of the scope and services provided by PricewaterhouseCoopers Advisory Services Sdn Bhd (PwC) to 1Malaysia Development Bhd (1MDB).

In a statement issued on Tuesday it said PwC is assisting the board and the exco in recovering 1MDB’s assets and in managing the company’s debt.

1MDB issued the clarification pursuant to the announcement made on the appointment of the exco members on June 25.

On May 23, Finance Minister Lim Guan Eng asked the last of the Big Four firms, PricewaterhouseCoopers, for a special position audit and review of the scandal-ridden 1MDB.

On June 25, 1MDB also announced the appointment of Datuk Asri Hamidon as its new chairman effective June 25, reported Bernama.

He is the deputy secretary-general overseeing government investment at the Treasury, the Finance Ministry said in a statement.

Additionally, 1MDB has formed a new executive committee with Datuk Mohammad Faiz Azmi, Datin Rashidah Mohd Sies and Datuk Wan Mohd Fadzmi Wan Othman as members, the statement said.

The exco is entrusted by the board of directors to manage the day-to-day running of the company, 1MDB added.