Malaysia's Ministry of Finance has announced a new board of directors for 1Malaysia Development Berhad (1MDB), after the previous board was dissolved as part of an investigation into irregularities.

The new three-member board would be chaired by Mohd Irwan Serigar Abdullah, secretary-general of treasury for the finance ministry. It will have as members Norazman Ayob, senior private secretary to the chief secretary of government, and Kamal Mohd Ali, chief operating officer of Prokhas Sdn Bhd.

Prokhas Sdn Bhd is an advisory and project management firm owned by the finance ministry.

However, Arul Kanda will continue as the President of 1MDB. "The change of board reflects 1MDB's new direction as a non- operating company, focusing on completion of the successful rationalisation plan and on servicing future debt repayments," the ministry said.

The Ministry Of Finance, as the 100 percent shareholder of 1MDB, confirmed that it has implemented the recommendations by the Public Accounts Committee to amend the 1MDB Articles of Association, with effect from May 31, 2016.

This also includes "dissolution of the 1MDB board of advisers, removal of the current Article 117 and change of all references from Prime Minister to Minister of Finance".

The ministry also said in a statement that "tangible progress" has been made regarding transfer of ownership of 1MDB's real estate assets such as Bandar Malaysia Sdn Bhd, TRX City Sdn Bhd, Air Itam lands and Pulau Indah land to the finance ministry.