Deputy Foreign Minister Reezal Merican Naina Merican views the closure of the state investment firm 1MDB as a business decision.

Reezal Merican, who was a former member of the Public Accounts Committee, said decisions made by the 1MDB board of directors, including its closure, was made for the good of the country and people.

He said, although faced with numerous controversies, the rationalisation plan under 1MDB had brought success with the implementation of several colossal projects.

"However, 1MDB has been severely criticised to the extent of affecting its market potential. As such, we are forced to make this business decision.

"I assume that whatever decisions made are for the good of the country and people, with no hidden agenda,” he told reporters after officiating the Transformasi Rakyat 2018seminar organised by the Kepala Batas parliamentary constituency in Kepala Batas today.

On Tuesday, Treasury secretary-general Mohd Irwan Serigar Abdullah, who is also the 1MDB chairperson, had reportedly announced that 1MDB would be shut down as soon its debts were paid off.

Meanwhile, commenting on the seminar, Reezal Merican, who is also Kepala Batas MP, said the seminar was conducted to ensure that the development of the community’s socioeconomic status could be enhanced by providing informative exposure that was in line with aims of the TN 2050 initiative of Prime Minister Najib Abdul Razak.

He added that the programme also provided youths, especially those in rural areas, with information on opportunities present and awareness on the industrial revolution that was currently occurring.

- Bernama