Azman met Dr M before grand farewell

PETALING JAYA: On the last day before his emotional departure as the managing director (MD) of Khazanah Nasional Bhd, Tan Sri Azman Mokhtar had a 40-minute meeting with Prime Minister Tun Dr Mahathir Mohamad.

It is learnt that the meeting on Tuesday was cordial and allowed Azman, who clocked out of Khazanah after having served 14 years and two months, to clear the air over the many allegations that had cropped up against Khazanah in the last two months.

It is learnt that Dr Mahathir in return had suggested to Azman to give constructive ideas on how Khazanah can help the new government with its task of achieving its objectives and reducing the country’s debts.

“It was a cordial meeting allowing Azman to say what he had wanted to state all along. At the end, it was a good farewell for the longest-serving MD of Khazanah,” said a source.

The meeting was the first between Dr Mahathir and Azman since Pakatan Harapan swept into power on May 9. Prior to yesterday’s meeting, Azman had tried to meet the Prime Minister but was not given an appointment.

Last week, the board of Khazanah, including Azman, gave their undated resignation letters to Putrajaya and it was accepted. A new board, headed by Dr Mahathir, was announced on Monday.

After his meeting with Dr Mahathir, Azman was given a grand send-off at the Petronas Twin Towers where the Khazanah office is located. Hundreds of staff gathered at the lobby and cheered on as he walked out of the building after he bade them farewell.

It was an emotional good-bye for many who were with him throughout their careers as Khazanah was their first employer.

Under Azman’s leadership, Khazanah transformed from a strategic government fund to an inter- national sovereign wealth fund that was managed by Malaysians. Azman is credited with leaving Khazanah with a leadership team of 120 young people who are welltrained and exposed to the intricacies of the world of high finance.

He also leaves Khazanah with assets valued at RM115.6bil, growing it from RM40.5bil in 2005. The value comes after stripping out the liabilities and dividends paid to the government over 15 years.

For listed companies, the value is derived from the market capitalisation while for the non-listed assets, such as its property development in Singapore, it is based on the cost incurred only.

The farewell video of Azman went viral with many praising the outgoing MD of Khazanah for his leadership role.

Past and present senior people of Khazanah also heaped praises on Azman.

Among them was Tan Sri Mohd Sheriff Kassim, who was the former MD of Khazanah before Azman took over.

He said that despite the negative comments regarding some investments, the fundamental truth is that Azman led Khazanah to become a respectable institution as the national wealth fund.

“He had the strategic mind to navigate Khazanah through all the headwinds both local and global to keep the ship sailing, especially after the global financial crisis which had affected Khazanah as much as it had affected other investment funds and corporations in the region and in the world.

“He recruited top-notch professionals and graduates from the best universities to be on his team. Extremely bright and productive, they get good decisions made in the board rooms and management of Khazanah-owned companies,” said Sheriff, who is also the chairman of PLUS Malaysia Bhd, the company that owns and operates major highways in the country.