Asia Briefs: KL wealth fund lost $27m on lingerie

KL wealth fund lost $27m on lingerie

KUALA LUMPUR • Sovereign wealth fund Khazanah Nasional invested some RM80 million (S$27 million) in a failed online lingerie business, Malaysia's Economic Affairs Minister Azmin Ali told Parliament yesterday.

"Khazanah had invested in the online business, involving bras and lingerie. The business eventually failed and the losses had to be written off," he said during his ministerial reply in the Lower House.

He was responding to a question by former premier Najib Razak, an MP from Pahang, who asked how Khazanah had deviated from its agenda.

THE STAR/ASIA NEWS NETWORK


Students blockade Dhaka roads

DHAKA • Thousands of school students brought parts of the Bangladesh capital to a near standstill yesterday, blockading roads to demand action after two teenagers were killed by a speeding bus.

Home Minister Asaduzzaman Khan appealed to the students to end their protests to avoid a repeat of police baton charges against the blockades late on Tuesday.

Dhaka suffers from daily gridlock but this has been heightened by more than 10 blockades set up across the city since Sunday.

Students mostly aged 13 to 15 have taken to the streets, demanding the resignation of a government minister for his comments as well as action to make roads safer.

AGENCE FRANCE-PRESSE


Duterte probe: Graft official sacked

MANILA • The office of the Philippine President has sacked a deputy ombudsman for revealing information about an inquiry into the alleged unexplained wealth of President Rodrigo Duterte, saying that his intent was to discredit Mr Duterte.

Mr Arthur Carandang is liable for graft and betrayal of public trust for publicising evidence he had on the alleged undeclared wealth of Mr Duterte and his family, according to a 10-page decision issued by executive secretary Salvador Medialdea.

The investigation into Mr Duterte by the Office of the Ombudsman, an independent agency, followed a complaint by a prominent senator that Mr Duterte had amassed as much as 2.2 billion pesos (S$56.6 million) when he was a city mayor.

Mr Duterte denies that.

REUTERS

A version of this article appeared in the print edition of The Straits Times on August 02, 2018, with the headline 'Asia Briefs'. Print Edition | Subscribe