Khazanah Lost RM80M on Online Lingerie Venture

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Sovereign wealth fund Khazanah Nasional Berhad invested some RM80 million in a failed online lingerie business.

“Khazanah had invested in the online business, involving bras and lingerie.

“The business eventually failed and the losses had to be written off,” said Economic Affairs Minister Datuk Seri Azmin Ali.

He said this is one of the smallest examples of bad investments made by Khazanah under the previous government.

He revealed this 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.

“There was also an investment via a private equity to take over a bank. But as a result, an investment of RM3 billion had to be written off,” Azmin added.

Earlier, he said that Khazanah had diverted from its role by divesting its shares in strategic asset firms such as Telekom Malaysia and Tenaga Nasional Berhad (TNB).

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.