Smart move for Khazanah board to resign, says Guan Eng

Kamles Kumar Kamles Kumar Updated 7 years ago · Published on 26 Jul 2018 1:00PM · 4 Comments

Finance Minister Lim Guan Eng says the cabinet did not discuss Khazanah’s future yesterday. – The Malaysian Insight file pic, July 26, 2018.

THE finance minister today welcomed the Khazanah National Berhad board members’ offer to resign, saying it was a “smart move”.

Lim Guan Eng said the board of directors was usually appointed by the prime minister and it was wise of them to leave the prerogative to Dr Mahathir Mohamad. 

“They want to give an opportunity to the PM on the direction of Khazanah. The board of directors appointed by the old government either they want to continue or not. I feel that it is a smart decision to give a choice to PM,” Lim said at the Parliament lobby today. 

It was up to Dr Mahathir to appoint a new board or retain some old faces, Lim said. 

“As I mentioned earlier, it is always the PM (who) will make the final decision. After all he is the PM. We leave it to the wisdom of the PM.”

He also disclosed that yesterday’s cabinet meeting did not discuss Khazanah’s future.

The Malaysian Insight reported today that the entire board has submitted undated resignation letters this week to the Ministry of Finance Inc (MoF Inc).

Khazanah confirmed today that all its board members have offered to resign to “facilitate a smooth and orderly transition” under the newly formed Pakatan Harapan government.

Khazanah is Malaysia’s main sovereign wealth fund with strategic interest across most sectors, including finance, health, telecommunications, aviation and utilities.

The current Khazanah board has nine members – managing director Azman Mokhtar, Md Nor Md Yusof, Mohamed Azman Yahya, Mohammed Azlan Hashim, Raja Arshad Raja Uda, Andrew Sheng Len Tao, Nazir Abdul Razak, Nirmala Menon and Yeo Kar Peng.

The naming of the board’s possible replacements could come as early as today, said sources. – July 26, 2018.

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Comments

  • How funny, the people who write annual reports on transformation failed to transform their failure in their pet project called Malaysia Airlines - with successive CEO screwups and unlimited bailouts.

    Posted 7 years ago by Ju bur · Reply

  • How funny, the people who write annual reports on transformation failed to transform their failure in their pet project called Malaysia Airlines - with successive CEO screwups and unlimited bailouts.

    Posted 7 years ago by Ju bur · Reply

  • MAS has No Viable Business Model. There isnt any room between the Emirates model and the Air Asia one. Anything else in between will be marginalised or suffer losses.

    Posted 7 years ago by [email protected] · Reply

  • Let them go play a band

    Posted 7 years ago by Eddie Tie · Reply