Malaysia Names New Directors to 1MDB as Najib’s Board Dissolved
- Arul Kanda to remain as president of troubled state fund
- Company is subject of global probes into alleged embezzlement
1MDB Pays Coupon for Islamic Debt
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Malaysia appointed new directors to 1Malaysia Development Bhd. after dissolving the advisory board that was headed by Prime Minister Najib Razak amid global investigations into alleged money laundering and embezzlement at the state fund.
The three-member board will be chaired by the finance ministry’s top bureaucrat Mohd Irwan Serigar Abdullah, according to an e-mailed statement on Tuesday. There were six members on the previous board including Arul Kanda, who was brought in as president in January 2015 to fix 1MDB’s finances. He will remain as president, the government said.