KUALA LUMPUR: Khazanah Nasional Bhd does not intend to increase the number of investors under wholly owned company i2M Ventures Sdn Bhd as its functions will cease after agreements with its 12 active investors conclude.
According to Deputy Finance Minister Lim Hui Ying, there are still eight investors under the financial support agreements and four under the facilitation agreements.
"The last agreement is set to expire in 2027," she said in her winding-up speech on the motion on the Auditor General's Report (LKAN) in the Dewan Rakyat today.
She said i2M Ventures does not generate any operating income and performs its functions via direct financial allocations provided by Khazanah Nasional.
"In 2020, a decision was made to integrate i2M Ventures operations with Iskandar Investment Bhd (IIB) and to change i2M Ventures from an active to an inactive company," she said.
She also said that i2M Ventures, through IIB, will continue to monitor key performance indicator achievements and channel funds to active investors.
The July 4 Auditor General's Report 2/24 had advised a review of i2M Ventures to ensure the relevance of its existence after fulfilling all commitments and agreements with Iskandar Global Business Services (GBS Iskandar) investors in 2025.
i2M Ventures was found to have failed to achieve its established objectives of promoting, marketing and managing businesses in Iskandar Puteri, Johor.
In line with the audit recommendations, Lim said Khazanah will review the functions of i2M Ventures after paying off all commitments and agreements with investors in 2025. - Bernama
