PETALING JAYA: The Armed Forces Fund Board (LTAT) has appointed KWAP (Retirement Fund Incorporated) chief investment officer Nik Amlizan Mohamed (pic) as its new chief executive, following the resignation of Tan Sri Lodin Wok Kamaruddin.
Defence Minister Mohamad Sabu said LTAT’s board of directors met on Aug 30 to discuss Lodin’s resignation and successor.
“I have accepted his resignation as LTAT chief executive and as a board member.
“I have also agreed to the board’s recommendation to appoint Nik Amlizan to replace Lodin as chief executive and board member,” Mohamad said in a statement.
Mohamad said the resignation and new appointment was effective from yesterday.
The Star previously reported that LTAT was expected to face a shake-up which included the departure of its long-serving chief executive officer.
The changes in LTAT follows the appointment of its new chairman, Tan Sri Mohd Zahidi Zainuddin, this month.
Lodin held the top post in LTAT since 1982.
He spearheaded various programmes for the Armed Forces such as affordable housing and the setting up of outlets selling basic groceries for personnel.
He is also the former chairman of the controversial 1Malaysia Development Bhd (1MDB). He relinquished his position in 2016.
LTAT had in 2016 filed a suit against PKR vice-president Rafizi Ramli, who implied the board had no money to pay gratuity to ex-servicemen.
But LTAT withdrew the suit less than two weeks after the May 9 general election.
With assets under management of around RM10bil, LTAT is considered the smallest among government-linked investment companies.
Despite its size, the fund owns controlling stakes in several public listed companies – Boustead Holdings Bhd, Affin Bank, Boustead Plantations Bhd, Boustead Heavy Industries Corp Bhd and Pharmaniaga Bhd.