The entire board of directors of Khazanah Nasional, including managing director Tan Sri Azman Mokhtar, have tendered their resignations after reaching the unanimous decision that Malaysia’s Prime Minister Dr Mahathir and his new Pakatan Harapan coalition government, which won the May 9 general election, should be allowed to determine the new leadership structure at the sovereign wealth fund.
Khazanah managing director Tan Sri Azman Mokhtar and eight other members (pictured above) of the sovereign wealth fund’s board decided to resign after a special board meeting on Tuesday (July 24), The Straits Times reported.
The meeting was held by the executive committee chairman of Khazanah, Tan Sri Mohd Nor Mohd Yusof, and it ended with the entire board signing undated resignation letters that were then submitted to the government.
Khazanah Nasional Bhd confirmed the news attributing the move to “facilitate a smooth and orderly transition under the new government”.
Other than Tan Sri Azman and Tan Sri Mohd Nor, the board of directors included Tan Sri Mohamad Azman Yahya, Datuk Mohammed Azlan Hashim, Tan Sri Raja Arshad Raja Uda, Tan Sri Andrew Sheng Len Tao, Datuk Seri Nazir Razak, Datuk Dr Nirmala Menon and Yeo Kar Peng.
Khazanah, founded by Dr Mahathir in 1994 in his first term as the Prime Minister, has a stable of investments which had a combined realisable asset value of RM$157.2 billion ($38.7 billion) at the end 2017 and a net worth value of RM$115.6 billion.
The process of finding replacements will be followed closely by investors both local and foreign.