business

Faiz is 1MDB exco chairman, part of PwC services to the company

KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) clarifies that Datuk Mohammad Faiz Azmi has been appointed chairman of the exco representing PricewaterhouseCoopers Advisory Services Sdn Bhd (PwC).

He is tasked with recovering 1MDB’s assets and managing the strategic development company’s debt.

In a statement today, 1MDB said Mohammad Faiz’s appointment was part of services provided by PwC to it.

"Pursuant to the announcement made on the appointment of the exco members on June 25 2018, the board of directors is pleased to clarify that Mohammad Faiz's appointment as the chairman of the exco is part of the scope and services provided by PwC to 1MDB.

"PwC is assisting the board and the exco in recovering 1MDB’s assets and in managing the company’s debt," 1MDB said.

1MDB had on June 26 announced that the Treasury's deputy secretary-general Datuk Asri Hamidon, who is overseeing government investment, was appointed as the company's new chairman from June 25.

It also noted that it had formed a new executive committee with Mohammad Faiz, the Finance Ministry's government investment companies division secretary Datin Rashidah Mohd Sies and Datuk Wan Mohd Fadzmi Wan Othman as members.

The 1MDB board has entrusted the exco to manage the day-to-day running of the company.

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