KUALA LUMPUR (THE STAR/ASIA NEWS NETWORK) - The resignations en bloc of Malaysian sovereign wealth fund's entire board of directors is a "wise decision", says Finance Minister Lim Guan Eng.
The move by Khazanah Nasional to facilitate a smooth and orderly transition under the new government was one done on its own prerogative.
Mr Lim told reporters in the Parliament lobby on Thursday (July 26): "I believe that is their decision and it is to give Prime Minister (Tun Dr Mahathir Mohamad) the opportunity to decide on the direction of the board - whether to maintain the old board appointed by the previous government or to appoint a new one.
"I think that is a wise decision, to leave it to the Prime Minister."
On Thursday, Khazanah confirmed that all nine members of the board, including managing director Azman Mokhtar, had offered to resign.
In a statement, the sovereign wealth fund said it was appropriate to give the new government the discretion and reaffirmed its prerogative to form a new board.