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Finance Ministry Welcomes The Assigning Of 1MDB’s New Management

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KUALA LUMPUR: The Finance Ministry has welcomed the appointment of 1Malaysia Development Bhd’s (1MDB) new management and its plan to undertake a strategic business review.

“I look forward to the results of the strategic review,” Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said in a statement today.

1MDB has achieved considerable success since its inception, driving forward transformatory real estate projects and helping to consolidate the country’s power sector, he said.

1MDB is now preparing to move on to a new phase with the proposed listing of its energy business, he said, adding that this was the right time for the company to conduct a review of its business to meet its objectives.

Ahmad Husni also expressed his confident of a successful outcome of the process.

On Monday, 1MDB, a strategic development company wholly-owned by the government, announced the appointment of Arul Kanda Kandasamy as its president and group executive director.

He succeeded Mohd Hazem Abd Rahman, who stepped down as managing director and chief executive officer as well as member of the Board of Directors, as part of a transition plan.– Bernama


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