Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on June 27, 2018

KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) has announced a new board of directors with Datuk Asri Hamidon appointed as its chairman, in a bid to restore confidence in the scandal-clad strategic investment fund.

Two senior government officials, an experienced auditor and a seasoned banker make up the new faces of the troubled state firm.

Asri, currently the deputy secretary-general overseeing government investment at the Treasury, will lead the company as chairman, replacing Tan Sri Dr Mohd Irwan Serigar Abdullah who was relieved of his position as secretary-general of Treasury last month, shortly after Pakatan Harapan’s historic win in the 14th general election.

In a statement yesterday, 1MDB also announced the formation of a new executive committee (exco) with Datuk Mohammad Faiz Azmi, Datin Rashidah Mohd Sies and Datuk Wan Mohd Fadzmi Wan Othman as members, who will manage the company’s daily operations.

Asri, 52, has had an illustrious career in the government. He was formerly assistant director of the Economic Planning Unit in the Prime Minister’s Department, an assistant director of the then Anti-Corruption Agency of Malaysia and an administrative and diplomatic officer in the Public Service Department. He was later appointed principal assistant secretary in the finance ministry (MoF).

He is also a senior independent director of Kedah-state construction and property developer Bina Darulaman Bhd.

Mohammad Faiz is executive chairman of PricewaterhouseCoopers Malaysia and has been an an assurance partner in the firm’s financial services group since 1996. He is the immediate past president of the Malaysian Institute of Accountants, Fellow of the Institute of Chartered Accountants in England and Wales, and the past chairman of the Malaysian Accounting Standards Board.

Rashidah is currently a director of Perbadanan Nasional Bhd, a position she has held since Dec 1, 2016. She is also deputy secretary (commercial sector) at the government investment companies division in MoF and has been attached to the ministry since 1989, holding various positions including in the investment and privatisation sections as well as economic sector of the finance division. She also sits on the board of Caring Pharmacy Group Bhd as a non-independent non-executive director.

Wan Mohd Fadzmi has an extensive experience in domestic and international banking. During his 22-year career in Malayan Banking Bhd, he held various senior management positions including as chief executive officer (CEO) and country head for the bank’s operations in London, New York and Hong Kong.

He then became director of global financial banking for the strategic business group of RHB Bank Bhd from July 2010 to June 2011 before assuming the position as CEO of Bank Pertanian (M) Bhd (Agrobank) from July 2011 to August 2017.

Wan Mohd Fadzmi, a chartered banker with the Asian Institute of Chartered Bankers, also sits on the boards of Chemical Co of Malaysia Bhd and Hap Seng Consolidated Bhd as an independent non-executive director.

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