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. PHOTO: THE STAR/ASIA NEWS NETWORK
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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 Malaysian govt scrutiny. Subscribe