Malaysia's Ministry of Finance appointed a new chairman to take charge at scandal-hit wealth fund 1MDB.
The board of directors at 1Malaysia Development Berhad, or 1MDB, formed a new executive committee to manage the company. The board also appointed Asri Hamidon as its new chairman, according to a 1MDB media statement.
Asri is currently deputy secretary general at the Malaysian finance ministry overseeing government investment. 1MDB also announced a new executive committee to manage the day-to-day running of the company with Mohammad Faiz Azmi, Rashidah Mohd Sies and Wan Mohd Fadzmi Wan Othman as members.
Unreliable Audit Reports
Following the change of government six weeks ago Irwan Serigar Abdullah was relieved of all of his duties as secretary-general of the Treasury including his role as chairman of 1MDB.
In a further development KPMG in Malaysia issued a statement saying its audit reports on 1MDB for financial years 2010 to 2012 were unreliable. The firm said they reached the decision after going through the recently declassified auditor general’s report on 1MDB on May 15, 2018. KPMG claim the previous management of 1MDB withheld relevant documents from them.
