Major shake-up in Khazanah

CORPORATE NEWS

Thursday, 26 Jul 2018

9:06 AM MYT

KUALA LUMPUR: There is a major shake-up at Khazanah Nasional Bhd following the en bloc
resignations from its entire board of directors.

Khazanah has confirmed that all nine members of the board including managing director Tan
Sri Azman Mokhtar have offered to resign from the board.

In a statement Thursday, Khazanah said the move was done in order to facilitate a smooth and
orderly transition under the new Government.
“The current Board have been honoured to serve, and feels it appropriate to offer the new
Government the discretion and reaffirm the prerogative to form the new Board.

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

Earlier, Singapore Straits Times reported that Azman and eight other members of board have
submitted their resignations to the government.

According to the report, Azman and the Khazanah directors held a special board meeting late
in the afternoon on Tuesday and decided to sign undated resignation letters that were
subsequently submitted to Prime Minister Tun Dr Mahathir Mohamad's administration.

The meeting, which was chaired by Khazanah executive committee chairman Tan Sri Md Nor
Md Yusof, reached the unanimous decision that Dr Mahathir's new Pakatan Harapan coalition
government should be allowed to determine the new leadership structure at the sovereign
wealth fund.

The mass resignations follow Dr Mahathir’s purported public criticism against Khazanah in
which he said the fund had deviated from the original purpose of its creation.
 
 
Khazanah’s board members included Datuk Seri Nazir Razak, Tan Sri Md Nor Md Yusof Tan Sri
Mohamed Azman Yahya, Datuk Mohammed Azlan Hashim, Tan Sri Andrew Sheng Len Tao,
Tan Sri Raja Arshad Raja Uda, Datuk Nirmala Menon, and Yeo Kar Peng.
 
It has been speculated that the mass resignations at Khazanah will pave the way for more top
level changes in government-linked companies.
 
Khazanah holds stakes in national utility Tenaga Nasional Bhd , telecommunications giant
Telekom Malaysia Bhd , Axiata Group Bhd , CIMB Group Holdings Bhd , Malaysia
Airports Holdings and IHH Healthcare. Khazanah is also the sole shareholder of Malaysia
Airlines.
 

Related stories:

Entire Khazanah board resigns, leaves leadership decision to PM

Guan Eng: Khazanah's en bloc resignations a wise decision

Khairy: More GLCs may tumble after Khazanah shake-up

TAGS / KEYWORDS:

Corporate News , Azman Mokhtar , Khazanah Nasional

   
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