KUALA LUMPUR (REUTERS) - Malaysia's finance ministry announced on Tuesday a new board of directors for scandal-hit 1Malaysia Development Berhad (1MDB), after the previous board was dissolved following a parliamentary inquiry into the state fund.

The new three-member board would be chaired by Mohd Irwan Serigar Abdullah, secretary-general of treasury for the finance ministry, and includes Norazman Ayob, senior private secretary to the chief secretary of government, and Kamal Mohd Ali, chief operating officer of Prokhas Sdn Bhd, an advisory and project management firm owned by the finance ministry.

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