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KUALA LUMPUR — Malaysia's sovereign wealth fund Khazanah Nasional Bhd invested almost US$20 million (S$27.2 million) in lingerie.
This was revealed by Economic Affairs Minister Datuk Seri Mohamed Azmin Ali during the winding-up speech for his ministry in Malaysia parliament on Wednesday (Aug 1).
Mr Mohamed Azmin remarked that this type of investment was among the direction taken by Khazanah that had strayed from its true focus.
"In the government's opinion, Khazanah has to function as what was set and details can be given for us to review Khazanah's role.
"Khazanah invested close to US$20 million in online lingerie investment," Mr Mohamed Azmin said, adding that the investment had to be terminated.
He added that there were investments made via private equity without consulting the bank.
Things like these, according to him, resulted in the government having put Khazanah back on track.
Mr Mohamed Azmin was responding to former prime minister Datuk Seri Najib Razak (BN-Pekan), who disputed the claim that Khazanah had veered away from its original objectives.
When Mr Mohamed Azmin was winding up, Mr Najib interjected by questioning Prime Minister Tun Dr Mahathir Mohamad's claim that Khazanah had strayed from its true focus.
"In 10 years, Khazanah's assets had increased from RM33 billion to RM134.5 billion so in terms of wealth creation in the last 10 years, Khazanah had succeeded," Mr Najib said. NEW STRAITS TIMES
https://www.todayonline.com/world/malaysias-sovereign-wealth-fund-ploughed-s27-million-lingerie