Professionals to run Khazanah

KUALA LUMPUR (Aug 1): Khazanah Nasional Bhd, which saw all its board members resign en masse last week, will continue to be managed by professionals despite having two politicians on its board now, according to Economic Affairs Minister Datuk Seri Mohamed Azmin Ali.

He said this in response to questions about Prime Minister Tun Dr Mahathir Mohamad naming both of them to the RM157.2 billion sovereign wealth fund’s board of directors, which Dr Mahathir will chair.

As for his own appointment, Mohamed Azmin said it does not contravene Pakatan Harapan’s election manifesto of providing good governance with integrity and transparency.

“The decision to appoint me is in line with our wish to draw up a new economic policy and agenda, and my ministry’s role revolves around that,” he said.

“This (the appointments) is the prerogative of the prime minister, as by convention, he as the country’s chief executive will lead firms holding the nation’s strategic assets such as Telekom Malaysia Bhd and Tenaga Nasional Bhd,” he added.

Mohamed Azmin also shared that Dr Mahathir is presently evaluating a few names to fill three important roles in Khazanah, chief of which is the managing director (MD) post.

“Another two positions are related to financial management and administration,” Mohamed Azmin told reporters at the Parliament lobby here yesterday.

As to whether Datuk Charon Wardini Mokhzani, who has been tipped to head Khazanah, is expected to be named MD, Mohamed Azmin said: “That [decision] is the prerogative of the prime minister. Let him decide.” Apart from Charon, CIMB Group Holdings Bhd group chief executive officer Tengku Datuk Seri Zafrul Aziz is also among the names touted to lead Khazanah, which has assets sprawling across various economic sectors, including aviation, telecommunications and utilities.

On Singapore’s push for a clear Malaysian stand on the status of the high-speed rail (HSR) project, Mohamed Azmin said he will provide the answer to that in the next few weeks “once we have firmed all things up”.

Mohamed Azmin said a date to meet his counterpart from Singapore will be confirmed soon to discuss the fate of the project. “We are quite occupied with Parliament now, but hopefully we will meet in early August,” he said, adding that a discussion between them is still on the cards.

Following his installation as the country’s seventh prime minister, Dr Mahathir has said the RM110 billion project to build the 350km HSR to  link Kuala Lumpur to Singapore will be deferred.

Subsequently, Singapore said it was considering seeking compensation from Malaysia as it had spent close to S$250 million  (RM747 million) on the project as at end-May.

Meanwhile, Bernama reported that Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail opines that  Dr Mahathir's decision to lead Khazanah Nasional Bhd as chairman of the board is aimed at improving the country's economy.

"I think the Prime Minister has decided to manage (Khazanah) so that the economic level of this country can be improved," she told reporters at the Parliament lobby yesterday.

Dr Wan Azizah was commenting on the appointment, which took effect on Monday.

This article first appeared in The Edge Financial Daily, on Aug 1, 2018.

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