Commenting on the resignation of top management at the Armed Forces Fund Board (LTAT), the Defense Ministry said it is finalising credible candidates to fill the chief executive position. This remark also comes after the Prime Minister Datuk Seri Anwar Ibrahim who has been relentless in ensuring government linked companies are not tainted by corruption who said new appointments will be made soon at LTAT.
Defence Minister Datuk Seri Mohamed Khaled Nordin said the ministry is currently evaluating qualified candidates from among former commanders of the Malaysian Armed Forces to fill the position of LTAT chairman. This will bring a strong message to the group as it vested interest in looking after the army’s pension fund, a commander should have his heart in the right place.
“The focus of Mindef and LTAT is to ensure the value of the savings of MAF members is continuously protected and grown while also ensuring the stability and sustainability of LTAT’s investment fund for the long term,” he said during Question Time.
The resignation from the group include three LTAT senior management officers, namely chief executive Datuk Ahmad Nazim Abd Rahman, chairman Gen (R) Tan Sri Raja Mohamed Affandi Raja Mohamed Noor, and head of strategic asset allocation Dayana Rogayah Omar.
Khaled assured that these resignations would not disrupt LTAT’s operations and services.
Mindef secretary-general Datuk Seri Isham Ishak is currently the acting LTAT chairman while chief financial officer Mohammad Ashraf Md Radzi is the acting chief executive of the fund.
“For organisations like LTAT, such appointments are not unusual; they have been carried out before during the resignation of Datuk Nik Amlizan Mohamed in 2020 and the resignation of Datuk Seri Amrin Awaluddin in 2021,” he said.
The Ministry said it is paying careful attention when part of this strategic plan involves restructuring the business model and ownership of LTAT, including the dissolution of some companies and the sale of assets or LTAT holdings in various strategic companies.
Among the biggest company under the group is Boustead Holdings, a diverse entity with interest in healthcare, plantation and ship building. Boustead Naval which received a massive contract to build combat ships for the Defense Ministry has been plagued with controversy tainted with corruption and poor management.
