Guan Eng: Fourteen 1MDB subsidiaries still operating

KUALA LUMPUR: Fourteen out of 22 subsidiary companies belonging to controversial 1Malaysia Development Berhad (1MDB) are still active, says Finance Minister Lim Guan Eng.

"There are no plans to wind up the companies, in view that investigations into 1MDB are still ongoing while authorities here are still making efforts to recover assets abroad," Lim said in a written reply to a question raised by Datuk Takiyuddin Hassan (PAS-Kota Baru) in Dewan Rakyat today (Oct 22).

Of the 22 subsidiaries, Lim noted that 13 were located in Peninsula Malaysia, six in Labuan and three in the British Virgin Islands.

Of this, eight subsidiaries located here were dormant.

To date, Lim said that the board of directors of the subsidiaries had been removed and replaced by Datuk Asri Hamidon, Datin Rashid Mohd Sies and Mohd Hisyamuddin from the Finance Ministry.

He also said that Asri was appointed as chairman of the board of directors for 1MDB, with Datuk Kamal Mohd Ali and Datuk Norazman Ayob appointed as directors.

The 1MDB scandal is the focus on investigations by authorities here, with efforts to get fugitive busineman Low Taek Jho, also known as Jho Low, back into the country to shed more light on the case.

On Sept 20, former Prime Minister Datuk Seri Najib Tun Razak was slapped with 25 counts of graft and money laundering relating to transactions amounting to RM2.3bil linked to 1MDB.

He was said to have received and used the illegal money during his term of office between 2011 and 2014.

Najib pleaded not guilty to the charges.

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