New 1MDB board to convene for first meeting on June 16

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PUTRAJAYA (June 14): The first board meeting for troubled state investment fund 1Malaysia Development Bhd (1MDB) is scheduled for this coming Thursday (June 14), according to Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah.

Irwan, who had recently been appointed to head the fund's board, said 1MDB president Arul Kanda Kandasamy will be briefing the new board on the current situation.

"We will have our first board meeting on Thursday, where the president Arul Kanda will brief the newly appointed board on the whole situation with 1MDB. The idea is to implement the rationalisation plan and the PAC's (Public Accounts Committee) recommendations," he told the media today.

He said the board will discuss steps to be taken to continue reducing 1MDB's massive debts, adding that the debts will be paid off gradually.

Irwan spoke to the media today at a press conference held in conjunction with the launch of the inaugural National Code Challenge (NCC) 2016, which provides students an opportunity to compete and test their coding skills at a national level.

The challenge involves 500 primary school students who participated in the [email protected] Immersion Camps, as well as lower secondary school students in the open category. The NCC will be held from Aug 14 to 18 during the International Conference on Blue Ocean Strategy at Putrajaya International Convention Centre.