Khazanah – of half-truths and the whole truth

But there is also a view that Malaysia's Khazanah under Azman has done better than Singapore's Temasek during the same period.

A DAY after Tan Sri Azman Mokhtar bade farewell to his colleagues of 14 years and two months in Khazanah Nasional Bhd last Tuesday, Minister of Economic Affairs Datuk Seri Azmin Ali disclosed in Parliament that the fund had lost RM80mil in an online lingerie business in India.

It’s true that Khazanah had invested US$19mil (RM80mil) in an online lingerie company in return for a 22% stake in December last year. The company, Zivame, is still a going concern, unlike what the minister had said. It is operating in an industry that is growing because lingerie shopping is considered somewhat taboo in many parts of the country.