Prime Minister Tan Sri Muhyiddin Yassin speaks during a press conference in Putrajaya March 23, 2020. Muhyiddin is now the new chairman of sovereign fund Khazanah Nasional Berhad. — Picture by Miera Zulyana

KUALA LUMPUR, April 1 — Prime Minister Tan Sri Muhyiddin Yassin is now the new chairman of sovereign fund Khazanah Nasional Berhad, the Prime Minister’s Office announced in a brief statement today.

Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz was also made a board member, next to the fund’s former director Datuk Mohammed Azlan Hashim, who quit alongside the rest of the board members after Pakatan Harapan took over federal power.

Both are corporate captains in their respective sectors. Zafrul was CIMB group chief executive officer, while Azlan sits on the board of several government-linked companies and currently chairs healthcare conglomerate IHH Healthcare Berhad.

Muhyiddin replaces Tun Dr Mahathir Mohamad, who quit as prime minister after his party abandoned then ruling coalition Pakatan Harapan (PH).

In a separate statement, Khazanah said it is looking forward to work with the newly-reconstituted board in fulfilling its mandate as the sovereign wealth fund of Malaysia.

It had also announced that Dr Mahathir has stepped down as chairman and member of the board, effective March 25, 2020.

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

In July 2018, all nine of Khazanah board members, including managing director Tan Sri Azman Mokhtar, tendered their resignations “to facilitate a smooth and orderly transition” under PH.

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.