Khazanah Nasional has confirmed that its board of directors offered to quit en masse from their posts.
"This is done in order to facilitate a smooth and orderly transition under the new government," Khazanah said in a statement today.
"The current board have been honoured to serve, and feels it appropriate to offer the new government the discretion (to decide on their resignations) and reaffirm the prerogative to form the new board," it added.
The sovereign wealth fund said it will issue a further statement once it has further details on the board's reconstruction.
This comes as Singapore's Straits Times reported this morning that nine members of Khazanah's board had signed and sent undated resignation letters to Putrajaya.
Those who put themselves on the chopping block were Khazanah managing director Azman Mokhtar (above) and executive committee board chairperson Nor Md Yusof.
They were joined by the other directors, namely Nazir Razak, Nirmala Menon, Mohamed Azman Yahya, Mohammed Azlan Hashim, Yeo Kar Peng, Andrew Sheng Len Tao and Raja Arshad Raja Uda.
Earlier this month, Prime Minister Dr Mahathir Mohamad had stated that fund had deviated from its original objective of helping the bumiputera by enriching itself instead.
Khazanah was established in 1993 during Mahathir's first tenure as prime minister.
The premier said Putrajaya would review the companies in which Khazanah has a stake in.
It will also seek to sort matters to return the wealth fund to its original path of holding shares allocated to the bumiputera until such time when the latter can buy them.