KHAZANAH Nasional Berhad 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 Nasional Berhad (Khazanah) confirms news report that all members of the board of directors, including the managing director have offered to resign.

“This is done to facilitate a smooth and orderly transition under the new government. 

“The current board has been honoured to serve,and feels it appropriate to offer the new government the discretion and reaffirm the prerogative to form the new board,” it said in a statement today.

“We will issue a further statement once we have further details of the reconstitution of the board,” it said.

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 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.

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 Prime Minister Dr Mahathir Mohamad. – July 26, 2018.