Sovereign wealth fund, Khazanah Nasional, decided to dip their toes into the lingerie business but ended up losing a whopping RM80 million. For those who don’t know, Khazanah’s purpose is to help Bumiputeras, and investing in an online lingerie company definitely doesn’t do that.
Economic Affairs Minister Mohamed Azmin Ali stated, “They were selling lingerie and bras and undergarments. The investment had to be written off.” He also added that they had to write-off another RM3 billion deal to take over a private bank.
This issue was brought up as Azmin was responding to Najib Razak (BN-Pekan) who claimed that Khazanah’s asset has increased from RM33 billion to RM134.5 billion after 10 years.
Prime Minister Dr Mahathir Mohamed have also voiced out that Khazanah wasn’t on track. Khazanah’s board of directors have since resigned while the company undergoes a revamp.
Info via The Edge Markets
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