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KUALA LUMPUR • The resignation of Khazanah Nasional, the entire sovereign fund of the country, is a "wise decision," said Finance Minister Lim Guan Eng
. It is their decision and it is to give the Prime Minister (Mahathir Mohamad) the opportunity to decide the direction of the board of directors – that it will act to maintain the former council appointed by the previous government or to appoint a new one.
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The general manager of the fund of 158 billion yuan ($ 53 billion) and the entire board of directors proposed to resign Tuesday in the biggest management reshuffle of the state.
The decision was made under pressure from the government, especially after Prime Minister Mahathir's public comments called for a change in Khazanah's leadership and leadership, according to Reute.
"There is an awareness that things could not continue as they were," says a source familiar with the subject who did not want to be identified.
Since his spectacular victory in the May 9 elections, Tun Dr. Mahathir has removed from office the heads of state-owned companies and agencies and has asked his government to reorganize the companies that are in charge. He controls it.
He replaced the governor of the central bank and the head of the largest fund management company in recent weeks. the former prime minister scandalized by the scandal, Najib Razak
Khazanah said yesterday in a statement that the government would make a final decision on the leadership of the fund "to facilitate an orderly and smooth transition under the new government" .
The Sovereign Wealth Fund's portfolio of more than 100 companies includes staple holdings such as CIMB Group Holdings, the second-largest bank in Malaysia, Tenaga Nasional Bhd, a utility group, and Axiata, a regional telecommunications company. .
The Najib government used rations with Khazanah to deal with some debts of the debt-paying state fund, Malaysia Development Berhad, although the fund said it would not be able to pay off the debt. had no control over the use of these funds. REUTERS
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