Yeah Kim Leng and Afzanizam Rashid say the funds’ RM43.9 million loss in Fashion Valet calls for a rethink of risk management strategies and disclosure of decision-making processes.
Read More: https://www.freemalaysiatoday.com/category/nation/2024/11/07/khazanah-pnb-should-engage-external-experts-ensure-transparency-say-economists/
Laporan Lanjut: https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/11/07/khazanah-pnb-patut-ambil-pakar-luar-jamin-ketelusan-kata-ahli-ekonomi/
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Read More: https://www.freemalaysiatoday.com/category/nation/2024/11/07/khazanah-pnb-should-engage-external-experts-ensure-transparency-say-economists/
Laporan Lanjut: https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/11/07/khazanah-pnb-patut-ambil-pakar-luar-jamin-ketelusan-kata-ahli-ekonomi/
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NewsTranscript
00:00Two economists have proposed that external expertise and greater transparency be made
00:06requisite in any investment by Kazana Nasional Berhad and Promodalan Nasional Berhad.
00:13Economist Ya Kim Lang of Sunway University said Kazana and PMB should hire more experts
00:18or delegate venture capital investment responsibilities to professional managers who are competent
00:24enough to handle risks.
00:26Meanwhile, Afzal Nizam Rashid of Bank Muamalat Malaysia said Kazana and PMB should share
00:32details about the committees and research teams involved in making investment decisions
00:37and how these investments are monitored.
00:40He acknowledged that not every investment will succeed but stressed the need to have
00:44a clear, structured process to minimise losses.
00:48Their comments come after the Finance Ministry revealed that Kazana and PMB incurred a loss
00:53of RM43.9 million from their sale of Fashion Valet.
00:57Ya said Kazana and PMB should look to global funds in countries like Norway and New Zealand
01:03for guidance on handling similar situations.
01:06Ya added that harsh measures such as salary cuts, similar to those imposed by Singapore's
01:11sovereign wealth fund Temasek following its losses with FTX, may not be necessary if Kazana
01:17and PMB continue to perform well overall.
01:23For more UN videos visit www.un.org