July 27, 2018 / 10:15 AM / 9 months ago

Malaysia's Mahathir says Khazanah board resignations to clear way for restructuring

Malaysia's Prime Minister Mahathir Mohamad speaks during an interview with Reuters in Putrajaya, Malaysia June 19, 2018. REUTERS/Lai Seng Sin/Files

KUALA LUMPUR (Reuters) - Malaysia will restructure sovereign wealth fund Khazanah Nasional Bhd following the resignation of its managing director and its entire board, Prime Minister Mahathir Mohamad said on Friday.

The fund announced the resignations on Thursday in the biggest management shakeup at state-linked firms since Mahathir’s political coalition took over the government in a shock election win in May.

“This action of clearing the deck will allow restructuring as our policies are now different,” Mahathir said in a statement.

Reporting by Joseph Sipalan and Rozanna Latiff; Editing by Nick Macfie

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