Malaysia’s sovereign wealth fund Khazanah Nasional Bhd on Thursday announced changes to its board of directors, including the departure of its chairman, former prime minister and finance minister Najib Razak.
Former finance minister II Johari Abdul Ghani and former treasury secretary-general Irwan Serigar Abdullah have also relinquished their posts as Khazanah’s board members, effective May 30 and 23, 2018, respectively.
Khazanah has been embroiled into the 1Malaysia Development Bhd (1MDB) financial scandal, where Najib was said to have cashed out RM1.2 billion ($301.05 million) last year through redeemable shares in the wealth fund held by the finance ministry to pay off debts.
The announcement of Najib’s resignation comes after current finance minister Lim Guan Eng said that Najib and his political appointees should be removed from Khazanah’s board of directors.
Irwan Serigar is no longer a board member of Malaysia’s pilgrim fund Tabung Haji and Malaysia’s central bank Bank Negara Malaysia.