Economic Affairs Minister Datuk Seri Mohamed Azmin Ali said Khazanah had been reducing its stakes in Malaysia’s strategic assets. — AFP pic

KUALA LUMPUR, Aug 1 — National sovereign wealth fund Khazanah Nasional had a RM80 million (US$20 million) investment in a lingerie retailer written off, Economic Affairs Minister Datuk Seri Mohamed Azmin Ali said today.

Azmin revealed that such investment decisions were among the reasons why Putrajaya wants Khazanah to return to its “original objective” in increasing the wealth and management of strategic asset firms of the country such as Telekom Malaysia and Tenaga Nasional Berhad (TNB).

“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 told Dewan Rakyat today while winding up the debates on the royal address here.

Azmin said that at the same time, Khazanah had been reducing its stakes in Malaysia’s strategic assets.

“We need to take steps to make sure that Khazanah’s stakes in the GLCs are at a certain level,” he said.

Azmin was responding to Datuk Seri Najib Razak (BN-Pekan), who had asked him how Khazanah had deviated from its objective when it had quadrupled its asset value over the last decade.

Azmin also said that a well-known business leader will be appointed as Khazanah’s managing director in the near future.