Monday, September 22, 2008

The Khazanah chairmanship

Why is the PM hanging on to it? Abdullah Badawi has handed over the Finance Minister's post to his deputy, but he is not letting Najib head Khazanah, the investment arm of the Government. Why is that so? Why did the Prime Minister create a Khazanah Deputy Chairman post for Najib, instead?

These are just some of the questions the corporate guys are asking following last week's portfolio swap. Suspicious lot, but they do have basis to wonder. The share capital of Khazanah, incorporated in 1993, is owned by the Min of Finance Inc. , after all. And it has stakes in more than 50 companies with assets valued at more than US$20 billion.

These include in Telekom Malaysia Berhad, Tenaga Nasional Berhad, CIMB Group, Proton Holdings Berhad, PLUS Expressways Berhad, Malaysian Airline System Berhad, and Malaysia Airports Holdings Berhad, to name a few.

That's an awful lot for a Defence Minister to be concerned about ...

Click here for Khazanah's investment holding structure.


  1. Salam..

    There's something rotten in KHazanah..


  2. bro rocky,

    this award winning article is dedecated for you! please read below:

  3. Anonymous8:54 am

    maybe paklah tak sanggup melihat khazanah di-plunder najib.. maklumlah najib lagi pandai bab2 plundering ni dan tidak memerlukan penasihat 3rd party macam kj.

  4. Anonymous9:38 am

    When comes to amno...

    Its all about money & greed.

    So whats so surprising.


  5. Anonymous10:08 am

    He is holding it for his son's and SIL's future - as simple as that.

    An example of a good man not in control of things


  6. Anonymous10:11 am

    That's were the money is. So better hang on to it..


  7. Only time will tell of this man's road to retirement house....
    Letting go of the most precious thing is difficult to any man and so I hope Pak Lah will learn to deal with it fast.

  8. Anonymous10:53 am

    I don't know about Abdullah but if it were me I wouldn't let go too. The pay is good and the perks fantastic. I may even benefit my sons or in-laws in that position but that's against the law, everyone knows that except, well you know who.

  9. Anonymous11:04 am

    when PM control khazanah, means KJ control Khazanah. I meet umno youth from penang, he says that KJ has set up his umno youth committee, if he wins umno youth post. Who ever support him, he will give project!!! That why easy for him to control Khazanah if PM is still the chairman

    zamri ex-umno youth

  10. Maybe becoz the value of this Khazanah portfolio has fallen so much it would be unfair to burden Najib with it?

    Proton alone has dropped from nearly $7 to $3. Many others like Maybank, Tenaga, Eon all have suffered declines or are propped up by artificial devices such as raising tariffs etc.

  11. Anonymous1:13 pm

    Just like Zaid Ibrahim said of him.

    Badawi indeed is a busssssssssy man

    and lack of sleeeeeep as well

  12. Anonymous1:17 pm

    Thank you for confirming that Bumiputera ownership is not the paltry amount as officially bandied.


  13. Anonymous1:25 pm

    Yeah. Hmmm...why aren't comments about Najib being allowed. Partisan are we? Or paid? Hope not.

    Such a shame, that a woman's horrific death bears no impact on a man's ability to govern. Any other politician or person holding public office would have resigned merely from the mere association with the fact that his UTK was involved.

    Now we are rewarding such a man with the premiership...

    Yup. Khazanah. A whole treasury. Passed from a son-in-law to a wife ALLEGEDLY implicated in various excesses including kickbacks and murder. (won't get a chance for transparent investigation tho...)

    Wow. Such a dearth of leadership, eh?

    (Hmmm...wonder if this comment will be let through...I guess notlah...not in Najib's interest, you might get fired?? No?)

    Anonymouse the Third

  14. Anonymous1:27 pm

    (heha) : Zaid Sir, i sincerely SALUTE tuan for your truth in sinchiew = ...rather have a fair & capable nonbumi than a noncapable
    bumi as a judge !!
    Thank you !!

  15. Rocky

    Khazanah is run by UMNO/BNs men ie croonies,they are all either relatives, brothers,cousins, in-Laws, former ministers, excos, party members etc etc etc

    MOF belongs to the Govt and Tax payers should have a say who gets to helm it, not UMNO.

    Those who question why must have vested interest la, shouldnt they just focus on the business of the day rather than Whos in Charge.... hmmmmmm biasa la suruh kerja, depa main politik.

    Maybe we should bring in Charles Ong i think from Temasek, a Malaysian and No 2 man in Temasek, many Malaysian are managing Singapores State owned firms, if they can prosper Singapore, i'm certain they can do it for us... dont you think so...

    Why is everyone questioning PM?????? Ini semua politik punya pasal la, camp A and Camp B, Camp C - the rakyats welfare none cares.


  16. Bro,

    Traditionally the PM is always the Chairman of Khazanah and as is the last few years the PM has always been finance Minister as well.

    The last time Khazanah had a Deputy Chairman was when Anwar was DPM and Finance Minister!!

    So I guess they are maintaining the status quo of how the appointments are.

  17. is there any udang di sebalik batu?

    Malaysia politics The Truth

  18. well, will you let my hand into your pocket?

    najis don't dare to ask as the bodowi has the mongolian evidence.

  19. Anonymous3:08 pm

    Dear rocky....

    Kazanah's chairmanship has been traditionally a position held by the prime minister not the minister of finance. Anyway he will be letting that go soon too .....

    Abu Aleena

  20. najib have to knock down the classmate mentality of Khazanah .if they benchmark themself to Temasek where are they now .

  21. Would you kill the goose that lays the golden eggs..?

  22. Anonymous3:46 pm

    Wahh...looks like Pak Lah's downfall is listening to people's advise. Now he wants to fight back and run for president after discussion with his advisors, which i'm guessing include KJ.

    Well Pak Lah, I can only say, you are only prolonging your death. And now u choose to be embarrassed instead of doing the dignified.

  23. Anonymous3:59 pm

    clinging on to save FACE, EGO & POCKET....

    should just follow South Africa, Japan & Isreal leaders.... QUIT!


  24. Anonymous4:05 pm

    Its a fact that Khazanah, in its present form, is being run by KJ.
    Just look at the executive directors, all his ex-classmates from UK.
    Just like Petronas, the management accounts are not privy to the public. It would be interesting to see some of the purchases made. Excessive prices paid without an independent due diligence.
    Who is Khazanah accountable to? Only to the PM.That means KJ!

  25. Anonymous4:16 pm


    How come you are so knave to the extend that you did not know why the Sleepy Head is holding on to the chairmanship of Kazanah? Obvious isn't it?

    There are all the "Jalans" in Khazanah for the Singapore "Operatives" to do the "necessary"!

    Please do not ask such stupid question again. Please don not ask the obvious. The SIL needs Khazanah/GLCs to do his nonsense!


  26. Anonymous4:50 pm

    Haiyya so simple also dunno ah?

    B4 Badawi hand over MOF to Njb, he consult Nor Mod Yak (FM2). Nor Mod Yak say MOF no big deal, got no $$ or power. The real $$ & power is in KNB, which Nor Mod want 2 control so tight.

    So Nor Mod tell Badawi to keep KNB Chairman. Then Nor Mod can still control KNB thru Badawi.

    So Najib is FM but got no $$ or money. Nor Mod Yak FM2 but still controlling everything, esp KNB.

    When Njb become Finance Minister, Nor Mod make fun of Njb with good joke.

    He say 'Najib got good experience handling financial matters when he was Menteri Besar of Pahang in 1982-1986.'

    Heh heh that time Najib is 28 yr old only. Nor Mod Yak pandai sindir lah!

  27. Anonymous5:30 pm

    KHAZANAH is running under government.I think based on my reading and analyst of Meryl Lynch, Khazanah should reduce their stake in IDEA CELLULAR-INDIA. Otherwise they might fall into "trap".....


  28. If Malay own 19% of economic pie, Chinese 41% and Indian 1% , d.l.l maybe 2%, who owns the other 37% of the pie?


    I dunno about you, but i cannot tally up the economic figure from government.

  29. It's like can have the Finance portfolio.....but I still control the money.
    If one study them carefully...none of them trust each other.
    So much internal much much acting....such great hypocrites.
    How on earth we allowed such creatures manage our country for 51 years?
    Those who voted for them are real dum dums...pure ...lazy..racialist bastards.

  30. The only thing about the khazanah office is the pingpong table outside.

    It's a front, folks.

  31. Anonymous6:55 pm

    Well, well bro. I don's think he wants to go in grace. He a few minutes ago appointed shahidan, if I am not mistaken, to some significant post for the Iskandar project. Isn't that the work of the Finance Minister instead of the Prime Minister or Defence Minister. Another thing is that, the flip-flop would also spend the whole day tomorrow with CEO of all GLCs. What is he going to talk about? Does he have the capablity to converse with them about the country's economy. I bet he would fall asleep and these CEO would be talking to themselves. Check it out. The function with the CEOs start from afternoon and runs up to Buka Puasa time. Isn't that the work of the Finance Minister.
    Instead of Anwar passing a vote of no confidence against Mr Flippy, I think Umno would just do it! Imagine if Razaleigh wins the presidency and Mr Flippy refuses to step down. Umno would have no option but to table a vote of no confidence against the PRIME MINISTER FLIPPY!

  32. Anonymous6:56 pm


    He who controls the Khazanah controls the nation's purse-strings. Nobody can say he is caught red-handed with his pants down fingering the cookie-jar. Afterall, he is the government. He has the final say when it comes to doling out the largesse in the wretched BN regime.

  33. Anonymous8:33 pm

    The simple fact is PakLah wants to ensure all the money goes to s family. Did you guys know KJ attempted wiring of some US355m from our soil?

  34. Anonymous8:43 pm

    Given that, then Najis holds the MOF in name, not with real substance. Through grapevine story, he was asked to release MOD (Defence) to Pak Lah, for fear that he may run amok should things don't go according to his wishes one fine day ?

    Heh Heh

  35. The gravy train
    Even in sleep you think of it
    The 3Ps high on the list
    The power tools in economic managing
    Of wealth to appease

    Changing portfolios
    High finance to defense
    So one can sleep easily
    No need to crunch numbers
    Only maneuvering with guns
    So easy just aim and shoot!

    The crunch will come
    Not without a fight
    This seems the logic
    Giving you a horse
    Find your own saddle

    The country moves
    In automatic controls
    Nobody seems to know

    The menu changes again
    The chef gets annoyed
    The kitchen brigade banging away
    This isn’t right to do
    Wasting time showing authority

    The puppet maker disappears
    Nobody can find where….
    The puppet dolls dangling on the strings
    Floating, dancing, swaying
    By the fan whirring it away

  36. Anonymous11:36 pm

    Folks, stop chasing the pot gold at the end of Khazanah rainbow. Lets go Italian. Lets indulge in underground economy to enrich ourselves.

    Don Giovani

  37. Anonymous12:17 am

    bru latest we heard azim zabidi the bsn chairman, kg baru boy adnan mansor who added teuku to his name, hamzah zainuddin, have succeeded in persuading pak lah to defend his post in the coming elections. najib's men were expecting pak lah to go before Oct 9, which is basically the best raya present for Umno. If pak lah garners enough nomination, he could win the presidency and the 2010 handing over to najib might not take place. anwar and teresa "slightly better or similar to dog food" kok will rule Malaysia, makkal sakhti

  38. Anonymous11:40 am

    Ever since Amok took over Khazanah, the place has been infested with KJ's buddies as already pointed out earlier. Surprising we allow a bunch of 20 something and early 30 year old boys spend billions of our money in questionable investments that till today remains highly questionable.

    Just look at KNB's investment and you will see lots of "subject to" this and that happening before the stated profits can be achieved yet Amok trumpets of his financial achiements as tho the money is in the bag.

    Khazanah spends millions yearly on fees to investment bankers and advisors yet their KJ buddies employees are paid salaries running up to RM45K per month even tho they are only 32 years old!

    Come on lah, mana ada company pay so much for young chaps even tho they may have a general degree from Oxford.

    Look at the investments khazanah has made and you will see many lame ducks eg Silterra a RM7 Billion white elephant still bleeding and investments in India and Indonesia that has not achieved anything close to the forecast as provided by Khazanah's million ringgit investment bankers. Bankers and advisors who cover themselves with all sort of clauses to safe guard their ass in regards to their opinion to khazanah on the investment going bust or non achievable.

    And to think they wanted a 100% salary increment despite getting hundred of thousands of ringgit in bonuses every year ( some even touching a million ringgit in bonus!) and ESOS shares and VW Toureg and XC90 volvo's as company cars. So much for using Proton as kereta resmi for GLC's..

    And we the rakyat are told to save and bear with the government in our spending...


  39. Anonymous6:47 pm

    Everybody is KJ buddies - all you need is to graduate from Oxford or Cambridge - is that the basis. Is Tony Pua also KJ's buddy?

    Pleaselah - the PM has always been KNB's chairman - and every time KNB needs approval from its shareholders - MoF.

    People here cakap that no one get's paid RM45k per month at 32. Betul ke? My salary dah cecah RM15k sebulan, and I'm thirty - salah ke? Tu pun I tak masuk investment bank - kalau kat investment bank tak dapat RM30-40k sebulan? Kena qualify dulu lah brader! Tak caya tanyelah geng kat foreign IB...
    Understand what is the market rate - and I still think KNB is underpaying - berapa banyak staff diorang belah pi Temasek for better pay.

    Dalam semua orang cakap investment kat India and Indonesia being the next big thing - and I am glad Msia actually manage to tumpang sekaki, are you questioning why they enter these market. At least AMOK has taken KNB to a level higher - no longer just a player in the local market.

    Don't think KJ is well spoken about in Khazanah...

    maf - Not KJ's buddy