The Minister of Finance Incorporated (MOF Inc) has agreed to fully implement the various recommendations contained in the Public Accounts Committee (PAC) report on 1MBD.

Among the PAC’s recommendations were the transfer of ownership of Bandar Malaysia Sdn Bhd, TRX City Sdn Bhd, Air Itam lands and Pulau Indah land to MOF Inc and the dissolution of the 1MDB board of advisers.

The MOF added that it has also agreed for the removal of Article 117 and to change all references from ‘prime minister’ to ‘minister of finance’ contained in the 1MDB memorandum and articles of association.

The PAC, which tabled its 106-page report last month, had identified a number of weaknesses in the governance and decision-making of 1MDB.

It had suggested that 1MDB transfer all its assets to MOF Inc as this would allow for closer scrutiny of the assets under 1MDB.

The PAC also suggested that the 1MDB board of advisers be abolished and that references to the prime minister be changed to finance minister in accordance with provisions in other Finance Ministry corporations.

Article 117 under the 1MDB memorandum and articles of association provides for the appointment and dismissal of its top management.

Apart from the abovementioned suggestions, the PAC had also urged for former 1MDB chief executive officer Shahrol Azral Ibrahim Halmi and other relevant officials to be investigated.

This is because Shahrol must take responsibility for the state investment arm’s shortcomings, said the PAC in its report.

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