Translate
29 July 2018
Possibile reasons Why Top Management Of Khazanah Nasional Out.
Failed RM3 billion investment caused Khazanah ouster, says report
FMT Reporters | July 29, 2018
Singapore's Straits Times suggests that 2008 stake in UBS, lost when Lehman Brothers went bust, is one of the 'funny things' that Dr Mahathir Mohamad mentioned.
Khazanah Holdings, the government’s sovereign wealth fund, holds stakes in Telekom, Tenaga Nasional, MAS, CIMB, UEM and other big companies. (AFP pic)
PETALING JAYA: A failed RM3 billion investment by Khazanah Nasional in the global bank UBS in 2008 may have been used to push out the top management of the sovereign wealth fund, a Singapore news report suggested today.
The RM3 billion investment in UBS had been held by the US investment bank Lehman Brothers, and was wiped out when the bank went bankrupt in late 2008, the Straits Times newspaper said.
However, it also noted that Khazanah had pursued the matter aggressively and got back half the amount four years later from PriceWaterhouseCoopers, the administrators for Lehman Brothers.
The Straits Times suggested that it was this deal that indirectly led to the resignations of the entire Khazanah board of directors earlier this week.
Quoting unnamed “senior government officials familiar with the fund’s affairs”, the newspaper said Prime Minister Dr Mahathir Mohamad had been making a veiled reference to the UBS investment when he accused Khazanah of “doing all kinds of funny things”.
Khazanah was set up in 1994 by Mahathir. Its portfolio of investments has grown to encompass some of Malaysia’s largest companies, such as Telekom Malaysia, Tenaga Nasional, Malaysia Airlines, Malaysia Airports, UEM group, CIMB Group, and the IHH healthcare group.
Mahathir complained recently that Khazanah had strayed from its original objective of helping the Bumiputera community.
However, former premier Najib Razak has contended that Khazanah’s primary role was that of a sovereign wealth fund. He said it had been professionally managed, and that aid to the Bumiputera community was provided through Khazanah’s earnings and dividends to the government.
Given the size of its enormous financial holdings, Khazanah has been at the centre of speculation about who would have control over its activities.
As a government-owned company, Khazanah is nominally controlled by Minister of Finance Incorporated but Treasury officials have said real control was exercised through the Prime Minister’s Department.
After returning to power in May, however, Mahathir has given the cold shoulder to Khazanah managing director Azman Mokhtar, refusing several requests for an appointment.
Azman was appointed to his post in 2004 by the Abdullah Ahmad Badawi government when Mahathir had stepped down after 21 years in power. His term was due in mid-2019.
His resignation this week, with the rest of the nine-member board, was welcomed by Mahathir, as allowing him to “clear the deck” and to allow the government to restructure Khazanah. “We do not regard everyone as guilty of everything, but this administration will not accept obvious wrongdoings,” Mahathir said in a statement.
Popular Posts - Last 7 days
-
‘Alas pintu’ dengan gambar Kaabah sebenarnya sejadah mini - AEON BiG April 13, 2024 Susulan penularan gambar yang mendakwa penjualan ‘alas ...
-
Screenshot of a video shared by the public of the incident at the Kuala Lumpur International Airport (KLIA) Arrival Hall 1 on Sunday. SEPANG...
-
MAN DIES AS HIS BMW I7 CRASHES AND BURNS, WOMAN FRIEND SERIOUSLY INJURED A man died while his woman friend was seriously injured when the ca...
-
King expresses hope for increased investment from Chinese companies in Malaysia Bernama April 12, 2024 His Majesty Sultan Ibrahim presented...
-
Mohd Shuhaily said the suspect had two previous records for threats and another record for stealing and impersonating a civil servant. - BER...
-
Coach Maloney and FAM part ways after eight years Bernama Julai 13, 2022 The Football Association of Malaysia (FAM) has released under fir...
-
Malaysia detects 3,902 new COVID cases, 8 deaths Melissa Fernando ASTRO AWANi Julai 20, 2022 Malaysia detects 3,902 new COVID cases, 8 de...
-
Saudi says application for 1444 H umrah visa opens from today Bernama Julai 14, 2022 The Ministry of Haj and Umrah of Saudi Arabia has ann...
-
Summons discount offer on WhatsApp is fake - PDRM Bernama Julai 17, 2022 14:11 MYT Summons discount offer on WhatsApp is fake - PDRM The Ro...
-
Naz Empire's defamation lawsuit against Awal Ashaari to go to trial as mediation fails Bernama Julai 12, 2022 The defamation lawsuit f...
Popular Posts - Last 30 days
-
Saudi says application for 1444 H umrah visa opens from today Bernama Julai 14, 2022 The Ministry of Haj and Umrah of Saudi Arabia has ann...
-
Wan Saiful confirms he is no longer PTPTN chairman Bernama Julai 12, 2022 Bersatu Information chief Datuk Wan Saiful Wan Jan today confirm...
-
Kedah MB: ECK no longer part of Kulim airport project Bernama Julai 13, 2022 Muhammad Sanusi announced that the ECK Group of Companies (EC...
-
King presents appointment letters to four new envoys Bernama Julai 12, 2022 His Majesty presenting the letter of appointment to M'sian...
-
Following is BEST FBKL's selection of The Top Ramadan 2024 Buka Puasa Buffet's in Kuala Lumpur and the Klang Valley. We hope that y...
-
Naz Empire's defamation lawsuit against Awal Ashaari to go to trial as mediation fails Bernama Julai 12, 2022 The defamation lawsuit f...
-
Maybank Singapore withdraws lawsuit against NFC chairman, children over housing loans Bernama Julai 12, 2022 Maybank Singapore Limited has...
-
Paris court grants Malaysia's application to suspend claims by purported heirs of Sultan Jamalul Kiram II Bernama Julai 13, 2022 Dr Wa...
-
‘Alas pintu’ dengan gambar Kaabah sebenarnya sejadah mini - AEON BiG April 13, 2024 Susulan penularan gambar yang mendakwa penjualan ‘alas ...
Blog Archive
-
►
2023
(3771)
- December (311)
- November (322)
- October (286)
- September (288)
- August (365)
- July (349)
- June (372)
- May (316)
- April (279)
- March (301)
- February (245)
- January (337)
-
►
2022
(4309)
- December (352)
- November (422)
- October (288)
- September (281)
- August (347)
- July (303)
- June (335)
- May (406)
- April (341)
- March (371)
- February (390)
- January (473)
-
►
2021
(9030)
- December (636)
- November (647)
- October (809)
- September (797)
- August (880)
- July (894)
- June (747)
- May (780)
- April (580)
- March (629)
- February (643)
- January (988)
-
►
2020
(6800)
- December (819)
- November (698)
- October (832)
- September (729)
- August (548)
- July (558)
- June (615)
- May (394)
- April (368)
- March (453)
- February (439)
- January (347)
-
►
2019
(4089)
- December (411)
- November (425)
- October (375)
- September (279)
- August (397)
- July (353)
- June (326)
- May (315)
- April (266)
- March (318)
- February (293)
- January (331)
-
▼
2018
(4100)
- December (305)
- November (304)
- October (357)
- September (352)
- August (420)
- July (442)
- June (366)
- May (412)
- April (343)
- March (275)
- February (233)
- January (291)
-
►
2017
(3888)
- December (268)
- November (293)
- October (352)
- September (309)
- August (356)
- July (300)
- June (319)
- May (354)
- April (316)
- March (335)
- February (306)
- January (380)
-
►
2016
(4563)
- December (331)
- November (328)
- October (378)
- September (415)
- August (404)
- July (380)
- June (310)
- May (370)
- April (430)
- March (484)
- February (355)
- January (378)
-
►
2015
(4588)
- December (402)
- November (392)
- October (393)
- September (375)
- August (450)
- July (392)
- June (456)
- May (407)
- April (408)
- March (374)
- February (262)
- January (277)