KUALA LUMPUR (July 31): Khazanah Nasional Bhd, which saw all its board members resigning en-masse last week, will continue to be managed by professionals, despite Prime Minister Tun Dr Mahathir Mohamad appointing himself to chair the country's RM157.2 billion sovereign wealth fund, according to Economics Affairs Minister Datuk Seri Mohamed Azmin Ali.

Azmin also said Dr Mahathir is presently evaluating a few names to fill three important roles in Khazanah, chief of which is the managing director post, a role that Tan Sri Azman Mokhtar exited earlier today. 

"Another two positions are related to financial management and administration," Azmin told reporters at the parliament lobby here today.

As for his own appointment to Khazanah's board, Azmin said it does not contravene Pakatan Harapan’s election manifesto of providing good governance with integrity and transparency. 

"This [the appointment] is the prerogative of the Prime Minister, as by convention, he as the country's chief executive will lead firms holding the nation's strategic assets such as Telekom Malaysia Bhd and Tenaga Nasional Bhd," Azmin added. 

As to whether Datuk Charon Wardini Mokhzani, who has been tipped to head Khazanah, is expected to be named MD, Azmin said: “That [decision] is the prerogative of the Prime Minister. Let him decide.”

Apart from Charon, CIMB Group Holdings Bhd's group chief executive officer Tengku Datuk Seri Zafrul Aziz is among names touted to lead Khazanah, which has assets sprawling across various economics sectors, including aviation, telecommunications and utilities.

As for Singapore's push for a clear Malaysian stand on the status of the high speed rail, Azmin said he will provide the answer to that in the next few weeks, "once we have firmed all things up".

Following his installation as the nation's seventh prime minister, Dr Mahathir has said the government will defer the RM110 billion project to build the 350km high speed rail (HSR) that will link Kuala Lumpur to Singapore, cutting the journey between the two cities to under 90 minutes. 

Subsequently, Singapore said it was considering seeking compensation from Malaysia, as it has spent close to S$250 million on the project as at end-May, the cost of which includes consultancies to design the civil infrastructure, manpower planning and land acquisition.

Azmin is scheduled to visit Singapore soon to discuss the project’s fate.