Khazanah bares all in failed RM80mil lingerie venture
Wednesday, 1 Aug 20181:21 PM MYT
KUALA LUMPUR: Sovereign wealth fund Khazanah Nasional Berhad invested some RM80mil in a failed online lingerie business, revealed Economic Affairs Minister Datuk Seri Azmin Ali.
"Khazanah had invested in the online business, involving bras and lingerie.
"The business eventually failed and the losses had to be written off," he said during his ministerial reply on the motion of thanks of the royal address in Parliament on Wednesday (Aug 1).
He was responding to a question by Datuk Seri Najib Tun Razak (BN-Pekan) who wanted know how Khazanah had deviated from its agenda.
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He added that a revamp of Khazanah was needed to ensure that the sovereign fund returns to its original aim of owning and safeguarding national assets on behalf of all Malaysians.
He also assured lawmakers that the Pakatan Harapan Government would continue to make the bumiputra agenda its priority.
"The bumiputra agenda will remain our main priority without alienating the needs of the other communities," he said.
Read more at https://www.thestar.com.my/news/nation/2018/08/01/khazanah-bares-all-in-failed-rm80mil-lingerie-venture/#1htk06RkP3cr3uJq.99
