Khazanah Nasional’s net worth drops by MYR 19.4 billion (36.5%) in six months

Khazanah begins reshuffling GLC chiefs

Bagan MP Lim Guan Eng, a qualified accountant, told parliament Khazanah’s performance had not been encouraging despite the economic storm, saying its records showed that in 2008, Khazanah’s portfolio fell RM17.8 billion with overall Realisable Asset Value (RAV) deteriorating to RM70.4 billion on December 31 from RM88.2 billion on May 31 2008.

“What is more frightening is the net worth – RAV less total liabilities – stood at RM 33.7 billion at Dec 31 against RM 53.1 billion at May 31 2008. That is a reduction of Rm19.4 billion or a drop of 36.5 per cent in just six months,” said Lim, who is also the Penang chief minister.

The DAP secretary-general also said Khazanah’s equity investments has been poor with RM5 billion wasted in silicon maker Silterra Corp, apart from the sale of MV Agusta by Proton Holdings for one euro in 2006 after buying it in 2004 for RM368 million in 2004. He noted MV Agusta was later sold for RM800 million to BMW and Harley-Davidson Motorcycles.

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