July 30, 2018 / 10:53 AM / 18 days ago

Malaysia's PM Mahathir named chairman of sovereign wealth fund Khazanah

KUALA LUMPUR (Reuters) - Malaysian Prime Minister Mahathir Mohamad has been appointed chairman of sovereign fund Khazanah Nasional Bhd [KHAZA.UL], the prime minister’s office said in a statement on Monday.

FILE PHOTO: Malaysia's Prime Minister Mahathir Mohamad speaks during an interview with Reuters in Putrajaya, Malaysia June 19, 2018. REUTERS/Lai Seng Sin

The statement also mentioned the appointment of four directors to the fund’s board, including Malaysia’s economic affairs minister, Mohamed Azmin Ali.

The appointments will take immediate effect but the managing director will be appointed at a later date, the statement added.

Malaysia’s 157.2 billion ringgit ($38.77 billion) sovereign wealth fund Khazanah Nasional Bhd’s managing director and its entire board offered to resign last week in the biggest management shake up at state-linked firms since the new government took charge.

Reporting by Emily Chow; Editing by Himani Sarkar

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