SINGAPORE (June 26): Malaysia’s state investment fund, 1Malaysia Development Berhad (1MDB), announced that it has appointed Datuk Asri Hamidon as the new chairman of the company, effective June 25.

Asri is also the current Treasury deputy secretary-general overseeing government investment, replacing Irwan Siregar Abdullah after being transferred out of his positions about a week following the recent elections.

In a statement today, 1MDB says, “Additionally, 1MDB has formed a new exco with Datuk Mohammad Faiz Azmi, Datin Rashidah Mohd Sies and Datuk Wan Mohd Fadzmi Wan Othman as members. The exco has been entrusted by the board of directors to manage the day-to-day running of the company.”