Published by Asia Asset Management – 10th Sep 2018
Lembaga Tabung Angkatan Tentera (LTAT), Malaysia’s Armed Forces Fund board, has appointed Nik Amlizan Mohamed as its new chief executive officer (CEO) after getting the greenlight from the country’s defence minister.
Nik Amlizan Mohamed
Ms. Nik Amlizan succeeds Lodin Wok Kamaruddin, who resigned on September 7 after 36 years in the top job.
She was previously chief investment officer of Malaysia’s second largest pension fund, Kumpulan Wang Persaraan, a position she had held since 2014.
Malaysia’s Defence Minister Mohamad Sabu says LTAT’s board of directors met on August 30 to discuss Mr. Lodin’s resignation and his successor.
“I have accepted his resignation as LTAT’s CEO and a member of the board of directors. I have also agreed on the recommendation made by the board to appoint Ms. Nik Amlizan as the CEO and a member of the board of directors, replacing Mr. Lodin,” Mr. Mohamad says in a statement on September 7.
He did not say why the long-serving CEO resigned and his statement made no mention of Mr. Lodin’s link to the scandal-ridden 1Malaysia Development Bhd (1MDB) fund.
The 1MDB fund is under investigation for alleged misappropriation of tens of billions of ringgit. Mr. Lodin was its chairman between October 2010 and April 2016.
In 2015, Affin Bank – in which LTAT is the single-largest shareholder – acquired land in a 1MDB property project in Kuala Lumpur for 255 million ringgit (US$61.54 million), or 4,699 ringgit per square foot, much higher than the price paid by other buyers in or near the project.
LTAT had 10 billion ringgit of assets under management at the end of 2017.
