Khazanah not for Bumis, Najib tells PM

Kamles Kumar Kamles Kumar Updated 7 years ago · Published on 26 Jul 2018 2:23PM · 5 Comments

Former prime minister Najib Razak says Khazanah Nasional was not set up with the intention of helping Bumiputeras as there are other institutions for that purpose. – The Malaysian Insight pic by Hasnoor Hussain, July 26, 2018.

KHAZANAH Nasional Berhad was not set up as an entity to empower the Bumiputera as claimed by Prime Minister Dr Mahathir Mohamad, said Najib Razak.

The former prime minister said the sovereign wealth fund was “envisioned to create wealth for the country” instead of helping Bumiputera entrepreneurs like Unit Peneraju Agenda Bumiputera (Teraju) and Perbadanan Usahawanan Nasional Berhad (PUNB).

“Khazanah was never set up with the intention of helping the Bumiputera…that was never the raison d’etre.

“Unlike Teraju and PUNB, they were for evolving of Bumi entrepreneurs.

“Khazanah was envisioned as an institution to create wealth for the country. Once the wealth was created they would give back to the country. Institutions like Khazanah much like Temasek was designed to create talent,” Najib told reporters when met at the Parliament lobby today.

The Pekan MP stated that he was not in the know of the Khazanah board of directors offering their resignations even though he was once a board member.

Previously, Dr Mahathir accused Khazanah of straying from its original cause which was originally intended to hold shares allocated to Bumiputeras.

Najib warned that if the situation with Government Linked Companies (GLC) continues the country’s economy would be in trouble.

“I am concerned about the future of the corporate sector in the country.”

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 Razak, Nirmala Menon and Yeo Kar Peng.

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

In recent weeks, heads of government-linked investment companies and funds have left or their contracts not renewed, including Permodalan Nasional Berhad chairman Abdul Wahid Omar, who resigned in June after failing to meet Dr Mahathir. – July 26, 2018.

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Comments

  • Tell your kuncus just to fcuk off lah. There are better qualified persons available in the market.

    Posted 7 years ago by James Antho · Reply

  • Najib is absolutely right! Under his government and Premiership, Khazanah was ONLY for him and Rosmah with a little extra for Umno and the others.

    Posted 7 years ago by Simple Sulaiman · Reply

  • Najib's comment on anything is always scary and terrifying.
    Always the opposite of intellectual comment.

    Posted 7 years ago by Mali Muyung · Reply

  • And 1MDB was for...who ah ??

    Posted 7 years ago by Rock Hensem · Reply

  • Najib is right to a certain extent but he did not practise it. Mahatir weakness is always on the thoughts that the Malays should be provided with the crutches until wheel chair. Khazanah sovereign wealth was gathered from the country resources and should be disbursed to all equally thru developement, health , efficient transport , free eduction , and what so ever that will bring the united Malaysian to the fore. It is because of Mahatir 22 years of senseless direction in guiding all those who came after him in prioritising the handicap to the Malays that led to abuse of the sysytem and falsifying the datas that denotes the Malays are always poor and weak to justify the NEP with prolonging aids being given. It is only talks that the nons will be treated equally well, in the name as Malaysian but in actual fact it s never the intention with all institution on the line of sight propaganda that the country wealth is only for Malays to use. Sadly Najib only talks when he is cornered. It is up to PH and Mahatir to set things right now with the beliefs that Malaysia for Rakyat and Rakyat as Malaysian. No more discrimination and racist demarcation to set us all apart if we want to move ahead OR else it is better to bring in Racist Umno back as everyone will perish with none to be well off from another as we will be dragging each o of us down sparing not even the leaders who plunder.

    Posted 7 years ago by Lee Lee · Reply