PETALING JAYA: The Armed Forces Fund Board (LTAT) has appointed Nik Amlizan Mohamed (pic) as its new chief executive, following the resignation of Tan Sri Lodin Wok Kamaruddin effective Friday (Sept 7).
Defence Minister Mohamad Sabu said LTAT board of directors met on Aug 30 to discuss Lodin’s resignation after 36 years in charge, as well as the appointment of his successor.
“I have accepted his (Lodin) resignation as LTAT chief executive and one of the board members.
“I have also agreed the board’s recommendation to appoint Nik Amlizan to replace Lodin as chief executive and one of the board members,” he said in a statement on Friday.
The Star had previously reported that LTAT was expected to face a shake-up that would include the departure of its long-serving chief executive.
The appointment of a new chairman, Tan Sri Mohd Zahidi Zainuddin, this month heralded the wind of change.
Lodin, who held the top post in LTAT from 1982, was noted for spearheading the fund’s activities in various programmes such as affordable housing and the setting up of outlets selling basic groceries for staff members.
However, in recent years, he became one of the faces of the country's biggest financial scandal as the chairman of the controversial 1Malaysia Development Bhd (1MDB). The fund is under investigation for alleged misappropriation of funds amounting to billions of ringgit.
He relinquished his position in 1MDB in 2016.
LTAT had in 2016 filed a suit against PKR vice-president Rafizi Ramli for implying that the board had no money to pay gratuity to ex-servicemen. But LTAT withdrew the suit in less than two weeks after the general election in May.
With an asset under management of around RM10bil, LTAT is considered the smallest among the government-linked investment companies.
All the same, the fund owns controlling stakes in several listed companies – Boustead Holdings Bhd, Affin Bank, Boustead Plantations Bhd, Boustead Heavy Industries Corp Bhd (BHIC) and Pharmaniaga Bhd.
It is worth noting that Lodin, 69, is also the managing director and deputy chairman of Boustead Holdings Bhd, which is controlled by LTAT via its 60% stake.
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