KEPALA BATAS (March 4): Deputy Foreign Minister Datuk Seri Reezal Merican Naina Merican viewed the closure of 1Malaysia Development Bhd (1MDB) as a business decision.

Reezal Merican, who was a former member of the Public Accounts Committee, said decisions made by the 1MDB board of directors, including its closure, was made for the good of the country and people.

He said although faced with numerous controversies,  the rationalisation plan under 1MDB had brought success with the implementation of several colossal projects.

"However, 1MDB has been severely criticised to the extent of affecting its market potential. As such, we are forced to make this business decision.

"I assume that whatever decisions made are for the good of the country and people, with no hidden agenda,” he told reporters after officiating the ‘Transformasi Rakyat 2018’ seminar organised by the Kepala Batas parliamentary constituency here yesterday.

On Tuesday, Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah, who is also 1MDB chairman, had reportedly announced that 1MDB would be shut down as soon its debts were paid off.