Malaysia PM Mahathir appointed chairman of sovereign wealth fund Khazanah

Malaysia PM Mahathir appointed chairman of sovereign wealth fund Khazanah

Malaysia's Prime Minister Mahathir Mohamad speaks during an interview with Reuters in Putrajaya
Malaysia's Prime Minister Mahathir Mohamad in Putrajaya, Malaysia Jun 19, 2018. (Photo: REUTERS/Lai Seng Sin)

KUALA LUMPUR: Malaysian Prime Minister Mahathir Mohamad has been appointed chairman of the board of Khazanah Nasional Berhad, with immediate effect, the Prime Minister's Office announced on Monday (Jul 30) in a statement.

Mohamed Azmin Ali, Mohd Hassan Marican, Sukhdave Singh and Goh Ching Yin have also been appointed directors of the sovereign wealth fund.

The appointment of the managing director of Khazanah Nasional would be announced at a later date, added the statement.

Azmin is Minister of Economic Affairs, Sukhdave a former deputy governor of Bank Negara Malaysia and Mohd Hassan Marican is a former Petronas president and chief executive officer.

The other appointee, Goh serves as an independent and non-executive director at Shangri-La Hotels (Malaysia) Bhd since Feb 28, 2018. He was the Executive Director of Strategy and Development at the Securities Commission of Malaysia from 2007 to 2016.

Nine directors of Khazanah Nasional, including its managing director Azman Mokhtar and executive committee chairman Nor Md Yusof, resigned on Jul 26 to allow the new government to decide on the leadership of the fund. 

READ: Central bank, Khazanah funds used for 1MDB payments

Malaysia's former prime minister Najib Razak resigned as chairman of Khazanah in May after his Barisan Nasional coalition lost in the general election to the Mahathir-led Pakatan Harapan coalition.

Finance Minister Lim Guan Eng has said that funds from Khazanah were used by the previous government to meet some liabilities of the scandal-plagued state fund 1Malaysia Development Berhad (1MDB).

Last week, all nine Khazanah board members resigned in response to  Mahathir's criticism of the management of government-linked companies.

Source: Agencies/ec

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