KUALA LUMPUR – The Defence Ministry has appointed several individuals to fill the recently vacated positions on the Armed Forces Fund Board (LTAT) while it finalises credible candidates for the roles, said minister Datuk Seri Mohamed Khaled Nordin (Kota Tinggi-BN).
During the question-and-answer session at the Dewan Rakyat this morning, Khaled said LTAT’s chief financial officer Mohammad Ashraf Md Radzi will assume the role of acting chief executive, while Datuk Seri Isham Ishak and the ministry’s chief secretary will take on the position of acting chairman.
“LTAT is in the process of finalising credible candidates to assume the chief executive role, while the Defence Ministry is seeking eligible candidates among former commanders for the position of chairman,” he said.
The board witnessed three resignations in the past month, namely the former chief executive Datuk Ahmad Nazim Abd Rahman, on January 31; the chairman, Gen Tan Sri Raja Mohamed Affandi Raja Mohamed Noor, on February 8; and the senior director of strategy Dayana Rogayah Omar (February 19).
Meanwhile, Khaled assured that such appointments are not abnormal, pointing to similar instances when previous chief executives, Datuk Nik Amlizan Mohamed and Datuk Seri Amrin Awaluddin, resigned in 2020 and 2021, respectively.
The minister also guaranteed that the recent resignations would not negatively impact or disrupt LTAT’s operations and services, and the body would instead perform normally.
LTAT is a statutory body that manages the pension fund for officers and members of other ranks of the Malaysian Armed Forces and veterans.
The officers’ departures came less than two months after a cabinet reshuffle that saw Khaled appointed defence minister, replacing Datuk Seri Mohamad Hasan.
It was previously reported that the restructuring of LTAT had been halted following this change.
Those involved in the restructuring were instructed not to proceed with any work, pending a review by the new minister.
In August last year, the plantation firm Kuala Lumpur Kepong Bhd (KLK) proposed acquiring 739.20 million shares, representing a 33% stake, along with one share of BPlant from Boustead Holdings Bhd (BHB) for RM1.15 billion.
Furthermore, KLK presented a mandatory takeover offer to acquire all the remaining BPlant shares not already held by KLK, BHB and LTAT as a result of the aforementioned proposed acquisition, at RM1.55 per BPlant share.
In the ensuing month, LTAT, BHB and KLK reached an agreement not to proceed, citing political concerns regarding the perception that the sale to KLK would dilute Bumiputera equity. This apprehension ultimately resulted in the abandonment of the deal.
BPlant and KLK said that “the condition precedent outlined in the strategic collaboration agreement (SCA) will not be satisfied by the cut-off date of October 6, 2023.” – February 27, 2024