The government is focusing on the few losses incurred during Azman Mokhtar's tenure as Khazanah Nasional Bhd managing director to deflect attention, according to Umno lawmaker Khairy Jamaluddin.

He claimed that the strategy was designed to embarrass Azman, whom he praised as being responsible for Khazanah's success.

The Rembau MP pointed out that Khazanah’s realisable asset value grew from RM65 billion in 2004 to RM157 billion at the end of 2017.

He said its net worth adjusted, which takes out liabilities and dividends paid to the government, was RM47 billion in 2004 and RM115.6 billion at the end of last year.

“That is Azman’s legacy. Not the smaller losses that have been highlighted to smear his tenure and reputation,” he added.

Earlier today, Economic Affairs Minister Azmin Ali told the Dewan Rakyat that Khazanah blew US$20 million (RM80 million) on an investment related to the sale of lingerie online.

He was responding to former premier Najib Abdul Razak, who questioned the government's claim that Khazanah had strayed from its original objectives.

'We want you out, but...'

Meanwhile, Khairy also pointed to images of Azman's sendoff from his former colleagues yesterday which have gone viral on social media.

“It showed a leader who is much respected and appreciated. It certainly did not show someone leaving in ignominious circumstances,” he added.

The former minister also claimed that Azman was not even given an appointment to brief Prime Minister Dr Mahathir Mohamad since the May 9 general election.

“For more than two months, the managing director of our nation’s sovereign wealth fund was denied the opportunity to even meet and brief the prime minister. This also resulted in the Khazanah board not being able to convene its meetings.

“The message was simple: 'We want you out but we are not going to get our hands dirty since there are no real grounds for your dismissal'.

“The Khazanah board understood the message. And being the responsible individuals they are, they offered their resignations en bloc,” he added.

'We will be watching your moves'

According to Khairy, the Prime Minister's Office's announcement of the new board was also irregular.

He said since Khazanah was almost entirely owned by the Ministry of Finance Inc, any board appointments must be signed off and announced by the finance minister, and not the prime minister.

“But this was not done, even though the Harapan government has promised not to concentrate too much power in the Prime Minister's Office,” he added.

Khairy also hoped that the two deputy managing directors appointed by Azman would be among those considered to take over the vacant post to ensure continuity in executing Khazanah’s mandate as the nation's sovereign wealth fund.

“Another one of Azman's legacy is succession planning. A leader is only as good as the success of his successor. In December last year, Azman appointed two deputies, one of whom will most likely succeed him when his contract expires.

“As I have mentioned previously, Khazanah is now a success story which began with Azman's appointment in 2004. We must guard against any attempts to break it up and replace it with the crony capitalism of 1990s Malaysia Inc.

“Khazanah has gone from being a mere holding entity to a strategic investor looking at opportunities that can realise greater returns and promote Malaysia’s economy and corporations. They have built a human resource pool of talented managers and executives,” he added.

Khairy also cautioned the government that the opposition would keep a close watch on its next moves.

On Monday, the Prime Minister's Office announced that Mahathir would assume the role of Khazanah chairperson and Azmin a director.

Others on the board are Mohd Hassan Marican, who is also a member of the Council of Eminent Persons, Sukhdave Singh and Goh Ching Yin.