Lim: Khazanah board mass resignation a wise decision


  • Nation
  • Friday, 27 Jul 2018

KUALA LUMPUR: The en bloc resignation of Khazanah Nasional Bhd’s board of directors to facilitate a smooth and orderly transition under the new government is a “wise decision”, says Finance Minister Lim Guan Eng.

The move was made on its own prerogative, he added.

“I believe that is their decision and it is to give the Prime Minister the opportunity to decide on the direction of the board, whether to maintain the old board appointed by the previous government or to appoint a new one.

“I think that is a wise decision, to leave it to the Prime Minister,” Lim said at the Parliament lobby yesterday.

Asked whether the Cabinet had discussed the matter, Lim said no.

“This is their decision and it is up to the Prime Minister to decide.

“I think the next step is for the Prime Minister. We leave it to (his) wisdom,” he said.

Khazanah yesterday 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, the sovereign wealth fund said it is appropriate to offer the new government the discretion and reaffirm the prerogative to form the new board.

Meanwhile, former prime minister Datuk Seri Najib Tun Razak said Khazanah was set up with the intention to create wealth for the country.

“Khazanah was envisioned as a financial and investment institution to create wealth for the country.

“Once the wealth was created, then it would give back good dividends to the Government and at the same time, it would create new companies to enter international markets and strengthen the talent base in the country,” Najib told reporters at the Parliament lobby.

He added that Khazanah was designed very much like Temasek Holdings Private Ltd, Singapore’s state-owned investment company, to create talent.

The Pekan MP said it was crucial to retain and provide talent the necessary opportunities in the country or risk losing them.

“I am concerned about the future of the corporate sector in the country,” said Najib.

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