Khazanah's entire board offers to step down

"The current board have been honored to serve and feels it appropriate to offer the new government the discretion and reaffirm the prerogative to form the new board," Khazanah said in a statement. It specified that the managing director, Azman Mokhtar, would be among those stepping down but no replacements were identified.

The decision follows the election in May of Mahathir Mohamad as prime minister on a platform that prioritized an ongoing investigation into the 1Malaysia Development (1MDB) fund. The scandal has already seen Najib Razak, the former prime minister, arrested on charges of embezzling billions of dollars. Najib's Barisan Nasional coalition party had held power in the country since 1957.

Malaysia's private equity and venture capital industries are regarded as heavily dependent on government support. However, local investors have expressed confidence in the government's policy reform and anti-corruption efforts as well as a range of economic drivers including an improving talent pool and regional logistical advantages.

Khazanah was established in 1993 and is owned by the Ministry of Finance. It claimed total assets of about MYR92.6 billion ($22.7 billion) at the end of 2017. Revenue during the year declined slightly to MYR6.1 billion, while profit increased 95% to MYR2.8 billion. The firm attributed the performance to a number of risk management and prudential measures in prior years.

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