KUALA LUMPUR – The Armed Forces Fund Board (LTAT) has announced the departure of its chief executive, Datuk Ahmad Nazim Abd Rahman, effective January 31.
Nazim was appointed as chief executive in June 2021.
In a statement, LTAT said his strategic vision and unwavering commitment have propelled the board to new heights towards becoming a sustainable provident fund.
“We laud his efforts in ensuring LTAT and its stakeholders’ interests, particularly contributors, are not only safeguarded but will also continue to grow.
“We wish him the very best in his future endeavors. As we begin the search for a new chief executive, we remain focused on executing our strategic priorities and delivering value,” it said.
Under Nazim’s leadership, the organisation achieved significant milestones, including the launch of the LTAT Strategic Plan 2023–2025, it added.
“It has been a privilege to serve as the chief executive of LTAT. I am incredibly proud of what we have accomplished together as a team, and I am confident that the organisation is well-positioned for continued success in the future,” Nazim said.
His departure comes less than two months after a cabinet reshuffle that saw the appointment of Datuk Seri Mohamed Khaled Nordin as defence minister, replacing Datuk Seri Mohamad Hasan.
It was previously reported that LTAT’s restructuring has been put on hold following the change, as those involved in the restructuring have been told not to proceed with any work pending a review by the new minister.
In August last year, KLK proposed the acquisition of 739.20 million shares, constituting a 33% stake, as well as one share of BPlant from Boustead Holdings Bhd (BHB) for RM1.15 billion.
Additionally, KLK put forth a mandatory takeover offer to acquire all remaining BPlant shares not already held by KLK, BHB, and LTAT, resulting from the aforementioned proposed acquisition, at RM1.55 per BPlant share.
However, in the subsequent month, LTAT, BHB, and KLK reached an agreement not to proceed, citing political concerns that the sale to KLK was perceived as diluting Bumiputera equity. This apprehension led to the abandonment of the deal.
BPlant and KLK said that “the condition precedent under the strategic collaboration agreement (SCA) will not be satisfied by the cut-off date of October 6, 2023.”
“In the circumstances, the parties mutually agree that the SCA shall be terminated with immediate effect on October 4, 2023,” both companies said in their respective filings with Bursa Malaysia.
As a result of the termination, RHB Investment Bank Bhd, on behalf of KLK, said BHB shall return the deposit equivalent to about RM229.15 million to KLK within 14 business days from today, “or such other later date as may be agreed between the parties”.
LTAT is a statutory body that manages the pension fund for officers and members of other ranks of the Malaysian Armed Forces and veterans. – February 1, 2024