| 1 Malaysia Development Berhad, the troubled state fund, will undergo reorganization including the removal of its powerful advisory board. The move aims to give the fund a fresh start and to improve its tarnished image by passing the buck of decision-making to its parent, the Ministry of Finance, which is headed by Prime Minister Najib Razak.
Najib was chair of the advisory board. 1MDB, under the leadership of Najib, will appoint a new board of management, the finance ministry said in a statement on Wednesday. 1MDB's debts had spiraled to $11 billion and the company had recently defaulted on the interest payment on a bond...............................................Full Article: Source
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