Govt not winding up 1MDB just yet

Govt not winding up 1MDB just yet

Finance ministry says this is because efforts to bring back assets linked to the state investment fund are still being carried out.

The finance ministry says investigations into the misappropriation of 1MDB funds is still ongoing. (Reuters pic)
KUALA LUMPUR:
The government does not intend to start the process of winding up 1MDB as investigations into the misappropriation of the company’s funds are still on-going.

In a written reply to Takiyuddin Hasan (PAS-Kota Bharu), the finance ministry said efforts to bring back 1MDB assets from other countries were still being carried out by various authorities.

To a question on the complete list of chairmen and board members of 1MDB and its subsidiaries now, the ministry only revealed Asri Hamidon as its chairman, while Kamal Mohd Ali and Norazman Ayob were board members.

According to the written reply, 1MDB has 22 subsidiaries and the Minister of Finance Incorporated had agreed to terminate the existing board members and replace them with finance ministry officers, Asri, Rashidah Mohd Sies and Mohd Hishamuddin Awang Abu Bakar.

A total of 19 subsidiaries are in the country and three more companies are in the British Virgin Islands.

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