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KUALA LUMPUR (THE STAR / ASIA NEWS NETWORK) – Sovereign wealth fund Khazanah Nasional invested some RM80 million (S $ 27 million) gold US $ 20 million in a failed online business, Malaysia's Economic Affairs Minister Azmin Ali told Parliament on Wednesday ( Aug 1).
"Khazanah Had Invested in the Online Business, Involving Arms and Lingerie." The business eventually failed and the losses had to be written off, "he said during his ministerial reply on the motion of the royal in the Lower House.
Najib Razak, an MP from Pahang, who was asked by Khazanah in the early days of
Mr Azmin did not give further details on the investment this happened.
The Minister also said Khazanah lost RM3 billion in a venture banking, MalayMail news site quoted him as sayin.
"There was also an investment via private equity to take over a bank. As a result, an investment of RM3 billion had to be written off, "Mr Azmin said
Earlier, Datuk Seri Azmin said Khazanah had diverted from its role by divesting its shares in strategic assets.
Mr Azmin, The Minister in Charge of the Sovereign Fund, said a revamp of Khazanah to be of great importance to national ownership of the assets of the country.
He Gave an Insurance to Lawmakers That the Pakatan Harapan
"The bumiputra agenda will remain our priority priority."
Prime Minister Mahathir Mohamad and Mr Azmin Khazanah's board, after their previous board stepped down.
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