By Selangor Journal Staffs
KUALA LUMPUR: Economic Affairs Minister Azmin Ali today bares all in regards to Sovereign wealth fund Khazanah Nasional Berhad (Khazanah), particularly on bad investments made on lingeries.
He said one of the smallest amounts that were written off was the fund’s investment on an online lingerie company which had made losses worth USD20 million (RM80 million).
“Khazanah had invested in the online business, involving bras, lingeries and undergarment. The business eventually failed and the losses had to be written off.”
“There was also an investment via a private equity to take over a bank. But as a result, an investment of RM3 billion had to be written off,” said Azmin, in the Dewan Rakyat earlier.
Azmin who was recently appointed as one of Khazanah’s Board of Directors was responding to former Prime Minister and Pekan MP Najib Razak who queried how Khazanah had supposedly deviated from its agenda.
The Gombak lawmaker earlier said that the Pakatan Harapan government wished to put Khazanah back on track after it had diverted from its role.
He said Khazanah was in dire need of a revamp in order for it to be able to refocus on its roots of pursuing Bumiputera agendas, owning and safeguarding national assets on behalf of all Malaysians.
“The bumiputra agenda will remain our main priority without neglecting the needs of the other communities at the same time,” he said.
On Monday, the Prime Minister’s Office in a statement had announced the appointment of five of its new Board of Directors after confirming the mass resignation of the previous Board a week prior.
Prime Minister Dr Mahathir Mohamad was named as its chairman while Azmin was named as one of its director.
Also appointed as directors are Mohd Hassan Marican, Sukhdave Singh and Goh Ching Yin.
