1MDB says Exco chairman appointment part of services by PwC

PETALING JAYA: 1Malaysia Development Bhd (1MDB) today clarified that the appointment of Datuk Mohammad Faiz Azmi as the chairman of the executive committee (Exco) is part of the scope and services provided by PricewaterhouseCoopers Advisory Services Sdn Bhd (PwC) to 1MDB.
"PwC is assisting the board and the Exco in recovering 1MDB's assets and in managing the company's debt," said 1MDB in a statement.
Last month, 1MDB formed an Exco comprising Faiz, government investment company division undersecretary Datin Rashidah Mohd Sies and former Agrobank president and CEO Datuk Wan Mohd Fadzmi Wan Othman.
The committee has been tasked to manage the debt-ridden fund's day-to-day operations.