So much money gone just like that.
It has been revealed that Khazanah Nasional, a sovereign wealth fund under the government, made a few bad decisions in the past that led to millions in losses.
One of them was investing in an online lingerie business
, which turned out to be a complete failure
The investment amounted to USD20mil (RM 80mil)
just for a business selling bras, undergarments and other lingerie!
However, the name of the company was not disclosed.
This revelation came from Economic Affairs Minister Datuk Seri Azmin Ali at the Dewan Rakyat on Wednesday (1 August).
Furthermore, he added that this number was only one of the "smallest" amounts that were written off, as reported by New Straits Times
This statement was in response to Datuk Seri Najib Razak who wanted an explanation on how Khazanah had deviated from its original objectives.
The sovereign fund was initially set up to hold and manage selected commercial assets of the government and undertake investments on behalf of the country.
The investments range from sectors like power, telecommunications, finance, healthcare, aviation, infrastructure, leisure and tourism, property, and so on.
Allegedly, there were also other investments made via private equity but without any consultation.
Hence, Azmin feels the urgent need to revamp Khazanah and ensure that it returns to its original focus of owning and safeguarding national assets on behalf of all Malaysians.
"The bumiputra agenda
will remain our main priority without alienating the needs of the other communities," he said.
Now, we wonder what other businesses did the sovereign fund invest in the past.