Muhyiddin New Khazanah Chairman

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The Finance Ministry today announced the appointment of Prime Minister Muhyiddin Yassin as Khazanah Nasional Bhd chairman.

Finance Minister Tengku Zafrul Tengku Abdul Aziz, meanwhile, has been made a board member, said a ministry statement.

Making a comeback to the board is Mohammed Azlan Hashim, who was among the members who quit in May 2018 to allow the then Pakatan Harapan government to make its own appointments.

Azlan sits on the board of several governments-linked companies and currently chairs healthcare conglomerate IHH Healthcare Berhad.

The appointments announced today are effective immediately.

Khazanah, in its own statement, said it looks forward to working with the trio.

The sovereign wealth fund said former prime minister Dr Mahathir Mohamad stepped down as board chairman and member effective March 25.

“On behalf of the management and staff, Khazanah would like to record our thanks and appreciation to Dr Mahathir for his leadership, guidance and contributions throughout his tenure as chairman.”

Khazanah was formed in 1994 by Dr Mahathir during his first tenure as prime minister.

As Malaysia’s sovereign wealth fund, it is entrusted with growing the nation’s long-term wealth via distinct commercial and strategic objectives.

Its commercial objective is to grow financial assets and diversify revenue sources for the nation, while its strategic objective is to hold strategic assets that bring long-term economic benefits.