MoF gives support to 1MDB’s management, board in the implementation of its strategic review

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KUALA LUMPUR (Mar 27): The Ministry of Finance (MoF) today issued a statement saying it fully supports the management and board of directors of 1Malaysia Development Bhd (1MDB) in the implementation of the latter's previously announced strategic review.

As a 100% shareholder of the strategic investment company, the MoF said it has created a special task force to help ensure the successful implementation of 1MDB's strategic review.

"The task force will provide all required assistance and guidance to ensure maximum value is generated for the MoF," it added.

The task force will comprise Second Finance Minister Datuk Seri Ahmad Husni, Minister in the Prime Minister's Department Datuk Seri Abdul Wahid Omar, Chief Secretary to the Government Tan Sri Dr Ali Hamsa and Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah. 

1MDB had recently completed a strategic review of its operations and had said it planned to sell assets and development rights in prime property projects in a move to cut debt. It is also planning an initial public offering for its energy unit.

Ahmad Husni in his winding-up speech in Parliament on Wednesday had announced the set up of the special task force, adding that it would also be looking at 1MDB’s RM42 billion debts.