Secret investments by Khazanah come under Malaysian govt scrutiny

State fund's $1b deal to acquire UBS stake crashed following Lehman collapse in 2008

Like other sovereign wealth funds across the world, Khazanah is generally selective about how it reports its investments.
Like other sovereign wealth funds across the world, Khazanah is generally selective about how it reports its investments. PHOTO: THE STAR/ASIA NEWS NETWORK

In mid-2008, Malaysia's sovereign wealth fund Khazanah Nasional embarked on a highly confidential investment strategy code-named Operation Twist.

It involved the diversification of its investment portfolio into Europe by placing some money with battle-hardened banker Luqman Arnold.

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A version of this article appeared in the print edition of The Sunday Times on July 29, 2018, with the headline 'Secret investments by Khazanah come under govt scrutiny'. Subscribe