Najib, Johari and Mohd Irwan no longer on Khazanah’s board

Upon checks on its website, the trio’s names are noticeably missing from the board


Former Prime Minister (PM) Datuk Seri Mohd Najib Razak, former Second Finance Minister Datuk Seri Johari Abdul Ghani and former Treasury secretary general Tan Sri Dr Mohd Irwan Serigar Abdullah are no longer listed on Khazanah Nasional Bhd’s board.

Upon checks on the sovereign wealth fund’s website yesterday, the trio’s names are noticeably missing from the board, and are believed to have resigned from their respective positions.

Earlier this week, The Malaysian Reserve reported that Khazanah has not received any instruction from the new administration over the former PM’s status.

Khazanah, in a statement late last night, confirmed the resignation of all three. Najib resigned effective May 31, 2018, while Johari and Mohd Irwan quit effective May 30 and May 23 respectively, according to the statement.

Based on the Permodalan Nasional Bhd (PNB) website, Najib was also no longer listed as the firm’s chairman.

As at 6pm yesterday, the board’s section on the PNB website was being updated.

Mohd Irwan has been removed as a board member at key government-owned agencies and investment entities.

Firstly, from the board of Bank Negara Malaysia after he ceased to hold the office of secretary general to the Treasury with effect from May 14, 2018.

He was also transferred to the Public Service Department effective May 11 till June 13, 2018, and barred from executing his Treasury secretary general duties.

A check on Mass Rapid Transit Corp Sdn Bhd’s website has shown that Mohd Irwan is no longer listed on the board, while the Retirement Fund Inc has left the chairman post vacant.

However, Mohd Irwan is still listed on the board of Petroliam Nasional Bhd.

Meanwhile, Finance Minister Lim Guan Eng said the federal administration expects government appointees to “do the right thing” with regard to their posts.

“We want them to do the right thing. The sooner the better,” Lim said when asked in a press conference on the fate of former government appointees in government-linked companies.

Najib is embroiled in the investigations related to 1Malaysia Development Bhd (1MDB) and the fund’s former subsidiary SRC International Sdn Bhd.

Khazanah has also been dragged into the 1MDB debacle. It was confirmed last week that Khazanah’s RM1.2 billion payment in March 2017 in exchange for redeemable shares were used to pay some of 1MDB’s debt to International Petroleum Investment Co.

Lim had said the redemption of redeemable cumulative convertible preference shares (RCCPS) by Khazanah worth RM1.199 billion was used to service 1MDB’s debt.

Khazanah, on the other hand, said it had no control over the usage of the RCCPS once redeemed.

Lim announced last week that 1MDB was insolvent and has no means to make good its debts, which are all guaranteed by the government. The government intends to honour 1MDB’s debt obligation.