Khazanah managing director Azman Mokhtar and 8 others have reportedly signed undated resignation letters.

PETALING JAYA: Nine directors of Khazanah Nasional, including its managing director Azman Mokhtar and executive chairman Nor Md Yusof, have resigned to allow the new government to decide the leadership of the sovereign wealth fund, according to Singapore’s The Straits Times.

The paper said they signed undated resignation letters during a special board meeting on Tuesday.

The other Khazanah directors comprising prominent bankers and corporate figures are Nazir Razak, Nirmala Menon, Mohamed Azman Yahya, Mohammed Azlan Hashim, Yeo Kar Peng, Andrew Sheng Len Tao and Raja Arshad Raja Uda.

The decision comes weeks after Prime Minister Dr Mahathir Mohamad criticised Khazanah for deviating from its initial purpose of helping Bumiputeras.

“It is quite obvious now that they are doing all kinds of funny things. They are buying houses and they are taking over companies,” he said early this month.

Khazanah had later responded by saying it would seek clarification from Putrajaya on its mandate and investments.

Khazanah was established in 1993 to manage commercial assets owned by the federal government and to undertake strategic investments.

http://www.freemalaysiatoday.com/category/...se-says-report/

WTF?? Established in 1993 but not sure about its mandate? Fuckers supposed to make national level investments, not goreng properties lah!

Perasaan tersinggung le tewwww... time for investigations.

hehe untouchable merajuk kena sounded by Tun M

We do know what resigned means... They are fired to be more exact. lol

kena kritik sikit merajuk
stupid

Maybe because of this -

https://www.malaysiakini.com/news/432968
PM mahu Khazanah kembali ke teras bantu bumiputera

But I thought Khazanah wasn't so much for the Bumiputera agenda but it is a sovereign fund for Malaysia.......

good! wipe them all

Lousy former FM forced them to do stupiak investments.

Welcome back nor Mohamed yackob

Yeah.

I think DrM is confusing Khazanah with PNB...

Tun is merciful. Give them chance to resign instead of sacked like Apandi bahalol, their dignity still intact. Apandi? Lel only crooks alike will want him, almost become UMNO supreme council some more.

Sudah kenyang makan lari lo. Pencen di bunglo overseas.

But Khazanah wasn't set up to cater to the Bumiputera agenda. I thought it was just a sovereign fund.

A bit of yes and no. yes, it's a sovereign fund. But, when Khazanah was created, their main objective is actually to increase Bumiputera participation in the equity market, inline with the NEP

Isn't that what PNB is? Sovereign fund, but for helping bumi?

I did take a look at their website to see what exactly are their objectives.

I found this -

http://www.khazanah.com.my/About-Khazanah/...hazanah-Mandate

Don't seem to mention Bumiputera agenda.

Still wants Khazanah to focus on bumi participation in local equity markets?

Now everyone is focusing on investing overseas because size in the local market is too small.

Now I hope Anwar takes over sooner. Hopefully he has a more global vision.

most likely Tun M confused

mandate?
Songlap kaw kaw whilst preaching the R&R!?

PNB is just like a mega-size Public Mutual that caters largely to Bumiputera to make investment/unit trust. Of course, it's part of the NEP policy as well.

Also another policy that is practiced till today is the allocation of IPO shares specifically for Bumiputera investors (selected by MITI). Back then, obviously there weren't many Bumi investors that were wealthy enough to take up shareholding in some of the big GLC - TNB, TM, etc. So Khazanah was created initially for this purpose. This is not really an issue and is more like a "left hand to right hand" thing. Some more, by letting Khazanah hold the shares, it "helps" to increase Bumiputera equity participation.

Along the way, comes Badawi. With the help of McKinsey consultants, he initiated the GLC Transformation Programme (GTP). So Khazanah become more like an active investor, and those companies under them also become more performance driven with KPI to achieve.

Khazanah is a sovereign fund like Temasek, didn't see anything about helping bumiputra.

But common la all this, once new parties take over they sure want their own people inside there. U can look at PNB and Sime Darby.

Mandate changes over time. When Badawi took over, he initiated the GLC Transformation Programme (GTP). It was good though, tbh.

No, they are trying to excuse themselves from any liabilities.
(If u know what i mean )



I must have wrongly said above.
Saya katak bawah tempurung.

This post has been edited by Aftermaths: Jul 26 2018, 10:26 AM

all jobs being push down to kuli, he is kuli sure unhappy.

Don't tell me that Tun don't know the purpose of Khazanah since it was formed during his tenure. It is basically administered by Finance

Sila duduk jangan lari

Yeah.. mandate. Too frust to type properly.

Hmmm..... more like.....

With recent transactions of the Jib administration, more like songlap arm for the UMNOputra rather than helping the Bumis.

welcome to tun m era

patut la..ada anak razak dlm khazanah
must destroy all razak legacy

tun the destroyer activated

You guys know that because of profits that Khazanah made, it was able to buy into PLUS and did the national service by not increasing toll rates in nouth-south highway right?

When was the last time you hear tolls for Nouthsouth higher being increased?

You want talent to manage a sovereign fund, you must be prepared to pay them the rates. Otherwise they will work for other international investment companies.

This post has been edited by Chrono-Trigger: Jul 26 2018, 10:44 AM

game of thrones

THE ELDERS HAVE SPOKEN

pnb is to help grow bumi $$$, but khazanah is to help kroni... use gov's $$$ but insert deadwood high paying kroni

temasek started off by privatizing stat boards and gov owned companies, they dont invest in matured companies... only after decades they started doing so after liquidizing some assets... GIC on the other hand manages the reserves buying in stocks as one of the asset class but hardly interfere in operations/management

insert kroni that so happened to be all bumi... then say help bumi... agenda amno

lol. /k mana paham.

EPF dividend nak tinggi, toll tak nak bayar.

Well, TDM said that Khazanah should take care of bumiputera agenda...

so of course, they are unsure about their mandate now! LOL

yeah. i thought is a fund for msia... like epf for workers... we already have felda for that no? or i am not up to date

Azman moktar, azlan has him, nazir Razak and Md Nor should resign

Rest can stay

Khazanah delivers strong all-round performance in 2017
Portfolio value rises RM13.4 billion (+13.2%) to a record RM115.6 billion, Profit Before Tax increases 84.7% to RM2.89 billion

Highlights:
Portfolio Net Worth Adjusted (“NWA”) rose by RM13.4 billion or 13.2% to a record RM115.6 billion in 2017 (2016: RM102.1 billion). Long-term value creation remains on an uptrend with NWA growing at a compounded annual growth rate (“CAGR”) of 9.6% per annum, or 3.5x, since 14 May 2004
Realisable Asset Value (“RAV”) grew 8.2% to RM157.2 billion (2016: RM145.3 billion), while RAV cover, a key prudential ratio, increased to 3.1x
Unaudited Profit Before Tax (“PBT”) increased 84.7% to RM2.89 billion (2016: RM1.57 billion)
Sustained progress in long-term strategic value creation, including the launch of a programme to boost innovation in Khazanah’s companies (TIDE). There were ongoing transformation and value creation effects in our core companies, and catalytic development domestically, while international investments continue to gather pace, especially in the technology sector and in China
Sustained performance in delivering societal value, with highlights including RM233.5 million spent on Corporate Responsibility by Khazanah and Yayasan Hasanah, further progress in the Taman Tugu Project, the roll-out of Hari Hasanah and the Hasanah Bersama Rakyat programme
Institutionalisation work continued in 2017, including improving governance and establishing international partnerships on governance standards, implementing a management succession plan and ongoing talent development
Khazanah Nasional Berhad (“Khazanah”) today presented its 14th Khazanah Annual Review (“KAR 2018”), demonstrating continued progress and sustained performance in long-term value creation and delivering financial, strategic and societal returns.

Tan Sri Datuk Wira Azman Hj. Mokhtar, Managing Director of Khazanah said: “We are grateful to have delivered a strong financial performance in 2017, with the portfolio NWA rising 13.2% or RM13.4 billion to RM115.6 billion. This represents a long-term growth of 3.5x (or 9.6% per annum) increase in portfolio value since 2004, delivered on a secure portfolio asset cover of 3.1x (assets over liabilities). Further, PBT jumped 84.7% to RM2.89 billion while good progress was made across all other aspects of our mandate – strategic, societal and institutional.”

If you asked me, they have been doing stellar job, Khazanah. But I guess, there need to be a change of guard. I do hope they maintain their brief

All knowing Thanos....

Cantas all the top head and BOard of directors all GLC and gomen....

So they cannot fund, invest old power projects?

OK time for u-turn, this time kasi signal dulu takut accident....

Just a simple case of changing cronies. There havent been any controversies surrounding khazanah.

most /K thinks that the people who sit on PNB and Khazanah are unqualified people etc etc.

But if they take the effort to look at the credentials of people who run these companies, they will be surprised. All oxford/ cambridge/ harvard graduates - cream of the top in the country. That is why we get a consistent 5-7% returns from PNB.

EPF invested oversea - got returns 5-6%.

Of course other fund managers very jelly of PNB la, and start to spread some toxic news that it's a Ponzi scheme la etc etc.

these parasites pretends not to know that undated document is invalid.

it's a protest/threat, not a real resignation.

Be a real man with balls, sign it with date.

It is indeed quite sad.

The people working in PNB and Khazanah are insanely talented. Try applying for one of their post and get an interview with them. Squirm and buttsqueaking inducing moments for sure lol

Yep.. Permodalan still is roughly the same as the 80s.

Khazanah should be more strategic investments. Investing in startups, etc

Yea I read some PH leaders are against this.

My sister actually got an offer from khazanah. But i cant remember why she decline

Of course, to those sour grapes who can't get into these companies, they will spew toxicity.

I cringed with some so called "fund managers" in the country and "wealth consultants". Engrand also half-half, graduate from dunno which mickey mouse university, but talk a lot - and make lots of people lose money in stock market or their unit trusts.

But /K seems to trust mickey mouse.

This post has been edited by Chrono-Trigger: Jul 26 2018, 11:23 AM

Good to refresh all GLC top management, hopefully, they promote real calibre management team.

Tan Sri Andrew Sheng Len Tao, Chief Adviser to the China Banking Regulatory Commission and distinguished fellow of Fung Global Institute

anyway.. khazanah mandate was different in 1994 compare to its current mandate drafted in 2004 thanks to Pak Lah Policies..

Khazanah i thought is bijan personal piggy bank??

yang penting score political point.

drama kena neymar.

correct. daim tak dapat post lagi, zeti open for another two post.

Good one there!

Almost.

Khazanah - Arul ?


I think it's about time PH leaders make a stand to prevent cronyism creeping back.

This post has been edited by Chrono-Trigger: Jul 26 2018, 11:38 AM

Khazanah Nasional Berhad (“Khazanah”) confirms news reports that all Members of the Board of Directors (“Board”) including the Managing Director have offered to resign from the Board. This is done in order to facilitate a smooth and orderly transition under the new Government.

The current Board have been honoured to serve, and feels it appropriate to offer the new Government the discretion and reaffirm the prerogative to form the new Board. We will issue a further statement once we have further details of the reconstitution of the Board.

They offered to resign. I guess ball in TDMs court nao.

This post has been edited by dagnarus: Jul 26 2018, 11:33 AM

If suddenly Daim or Jomo in, I can't wait to see public reaction.

lol we understand

What for you charge the people toll, then pay back via EPF?

Might as well no toll/minimal toll just to keep operations running.

All GLC should be earning a very minimum profit but keep things cheap.

I don't mind if my EPF dividend lower but toll, electricity, internet bill all lower

Yeah. So I don't understand how/why Khazanah can/should help bumi.

We already have PNB to help bumi.

Khazanah also helping bumi is kinda a duplicate in role.

Investors are watching. PH leaders are watching. Opposition is also watching. People are also watching. Khazanah is an important strategic companies that pay billions to gomen every year.

Same as PNB, Wahid Omar has a plan to push PNB forward and now everything has to hold after changing government.

It is because they are UMNO/Najib macai then have to kick them out? AFAIK these Malay elites are doing great job, apart from some interfering from ex-PM.

the old guards will join la
head already rolls

[attachmentid=9939010]

Wipe n become tongkat agency...

Okay

Any policy
Just do it quick

Tomorrow i need to focus on anti you-easy agenda again

Really? I know one of my friend working in khazanah. Shes uitm grad though. Maybe shes a top student i dont know. But yeah, not everyone is from harvard.

manada.. ada cable boleh masuk la. kawan aku diploma je pun elok je masuk khazanah. topkek

I dont even know what is Khazanah, lol.

Famous? Do good work?

Agree. Dunno why they want to witch-hunt until like that. More like revenge politics already.

So far they are doing good work. I rather let them work for the country rather than Bumiputera.

Everything official in msia has a bumiputra angle lah....from what tdm said, it's quite clear what the original mandate was....

But brings up another point....tun himself always claim the 30% bumi equity never was achieved.... whereas the then opposition dap always maintained that it was long ago surpassed, if state holdings like kazanah and amanah Saham are counted....

So tun was economical with the truth then....after the current Freudian slip....

We need multiple agencies to help with the bumi agenda.

To world domination!!!

Khazanah too has scandals.

Don't be surprised. Many companies I worked with some times don't even know who their mandates (signing condition) are. Kimak cheebye lancau

wrong, they forced them to increase price every few years, else how do you get 8% a year for your savings?

Wtf. 8% from saving?

another surprise butseck to PH government... maybe can find new debt here...

Kak Rafidah in?

He is talking about ASB interest rates

LOL Khazanah != PNB la deyyyyy

I think post like this really show how uninformed /k really is.
Patut pun TDM want to become education minister, lol.

This post has been edited by dagnarus: Jul 26 2018, 01:42 PM

Cakap Banyak tak guna.

Kasi share sikitla.

another confusion between khazanah and PNB.

This post has been edited by Chrono-Trigger: Jul 26 2018, 01:50 PM

Guan Eng: Khazanah's en bloc resignations a wise decision

KUALA LUMPUR: The en bloc resignations of Khazanah Nasional Bhd's entire board of directors is a "wise decision", says Finance Minister Lim Guan Eng.

The move by Khazanah to facilitate a smooth and orderly transition under the new Government was one done on its own prerogative.

"I believe that is their decision and it is to give Prime Minister (Tun Dr Mahathir Mohamad) the opportunity to decide on the direction of the board – whether to maintain the old board appointed by the previous government or to appoint a new one.

"I think that is a wise decision, to leave it to the Prime Minister," Lim told reporters when met at the Parliament lobby Thursday (July 26).


https://www.thestar.com.my/news/nation/2018...CHIkfe8wKcHU.99

madey making moves dy

ohhh bukan khazanah better than temasek kah

who will helm kazanah ?

I think Mahathir is a bit confused on this one. He said - Khazanah had deviated from its original objective of helping the Bumiputera.

https://www.malaysiakini.com/news/436037

Najib sangkal Dr M: Khazanah bukan untuk perkasa bumiputera
Zulaikha Zulkifli | Diterbitkan 26 Jul 2018, 4:38 petang | Dikemaskini 26 Jul 2018, 4:48 petang


PARLIMEN | Datuk Seri Najib Razak menyangkal kenyataan Perdana Menteri Tun Dr Mahathir Mohamad bahawa Khazanah Nasional Berhad sudah menyimpang daripada terasnya iaitu membantu bumiputera.

Bekas perdana menteri itu berkata, syarikat pelaburan negara itu sebaliknya diwujudkan untuk menambah kekayaan kepada negara.

"Khazanah bukan diwujudkan untuk membantu (golongan) bumiputera. (Ia) tidak seperti TERAJU (Unit Peneraju Agenda Bumiputera) dan PUNB (Perbadanan Usahawan Nasional Berhad) yang bertujuan mengembangkan usahawan bumiputera.

"Khazanah adalah sebuah institusi untuk mewujudkan kekayaan kepada negara. Ia lebih (mirip) seperti TEMASEK (syarikat pelaburan milik kerajaan Singapura) yang diwujudkan untuk menghasilkan bakat," katanya kepada pemberita di lobi parlimen hari ini.

Khazanah hari ini mengesahkan ahli lembaga pengarahnya telah menawarkan diri untuk meletakkan jawatan.

"Ini dilakukan untuk memudahkan peralihan yang lancar dan teratur di bawah kerajaan baru," kata Khazanah dalam kenyataan.

Tindakan itu beberapa minggu selepas Mahathir berkata kerajaan akan meneliti pegangan saham oleh Khazanah dan menyusunnya mengikut keuntungan bagi mengembalikan tujuan asal syarikat pelaburan itu iaitu membantu bumiputera.

inb4 - unlike 1MDB.

This post has been edited by joe_mamak: Jul 26 2018, 11:12 PM