Cover Story: Khazanah may be moved to PM’s Department

This article first appeared in The Edge Malaysia Weekly, on July 16, 2018 - July 22, 2018.
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MALAYSIA’s sovereign wealth fund, Khazanah Nasional Bhd, may be moved from the Ministry of Finance (MOF) to the Prime Minister’s Department as part of a reorganisation of agencies that is being considered by the new government.

Permodalan Nasional Bhd (PNB) and Petroliam Nasional Bhd will also be placed with the PM’s Department.

Sources say the proposed changes include dissolving the Minister of Finance Inc, a company that was set up to hold business entities owned by the government. Khazanah is currently owned by MoF Inc, which also owns the controversial 1 Malaysia Development Bhd (1MDB).

A proposal on the various changes has been sent to the respective ministries for feedback. Sources say a final decision will be made by the Cabinet.

MoF will continue to have supervision over other government-linked investment companies (GLICs) like the Employees Provident Fund (EPF), Kumpulan Wang Amanah Pencen (KWAP) and Value Cap Sdn Bhd .

Regulatory authorities, such as Bank Negara Malaysia, the Securities Commission and Bursa Malaysia, will remain with MOF, as will Bank Simpanan Nasional Bhd.

The newly formed Ministry of Economic Affairs will have under its ambit Ekuiti Nasional Bhd (Ekuinas), Bank Pembangunan Malaysia Bhd, Felcra Bhd, Felda Global Ventures Holdings Bhd, MyHSR Corp Sdn Bhd and Amanah Raya Bhd.

The newly formed Ministry of Entrepreneur Development will supervise, among others, Bank Rakyat, Majlis Amanah Rakyat (Mara), UDA Holdings Bhd and Pelaburan Hartanah Bumiputera Bhd. 

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