SHAH ALAM: Lembaga Tabung Angkatan Tentera (LTAT) – the Armed Forces Fund Board – is left leaderless after its chairman TS Raja Mohamed Affandi Raja Mohamed retired yesterday. LTAT issued a statement that he had retired. His retirement came a week after the resignation of the CEO Ahmad Nazim Abd Rahman.
Raja Affandi, 66, a former CDF, was one of two candidates for Kemaman parliamentary seat in a by-election in November last year. He lost. Speaking to Berita Harian, Raja Affandi said he resigned instead of retiring.
From the Edge:
Armed Forces Fund Board (LTAT) chairman Tan Sri Raja Mohamed Affandi Raja Mohamed Noor has retired from the board with immediate effect, just a week after chief executive officer Datuk Ahmad Nazim Abd Rahman departed.
This also comes over a month after it was reported that the planned restructuring of the armed forces pension fund had been put on hold, following a change of the head of the Ministry of Defence.
The Edge Malaysia reported in its publication for the week of Dec 18-24, citing sources, that those involved in the restructuring of LTAT had been told not to proceed with any work on it, pending a review by new Defence Minister Datuk Seri Mohamed Khaled Nordin.
Khaled, formerly the higher education minister, was appointed to the post during a Cabinet reshuffle that took place on Dec 12. He succeeds Datuk Seri Mohamad Hasan, who was appointed to head the Ministry of Foreign Affairs.
It must be noted that Khaled went to LTAT to meet with Raja Affendi and its top officials, just two days ago. The media is clearly pointing out the retirement of the chairman and CEO’s resignation are linked to Khaled decision to review the restructuring of LTAT.
While it is convenient to point the finger at Khaled, clearly the decision to delay the restructuring the LTAT comes from higher places. It was clear that the restructuring mooted by the now resigned CEO was not going anywhere when the government decided not to sell Pharmaniaga and Boustead Plantations , last year.
It is also pertinent to point out that Mohamad, who launched the restructuring plan, was against selling off Pharmaniaga and was very skeptical about the Boustead Plantations deal. The Pharmaniaga deal did not went through and the BP went half away, before it too was cancelled.
Anyhow, the most glaring part of the restructuring, the hiving off of BNS to the government has been completed. So I guess both the ex-chairman and ex-CEO had done their job.
It is likely a new chairman will be appointed soon as they need him to start the search for a new CEO whether an internal or external appointment. It is likely former CDF TS Zulkifli Zainal Abidin will be appointed as the chairman as he took over from Raja Mohamed as CDF in 2018. Zulkifli was succeeded by TS Affendi Buang. Affendi and another retired CDF, TS Zulkifeli Zin are the other candidates.
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