NOW that the dust has settled and Tan Sri Azman Mokhtar has had a little under 48 hours of life as a retiree, it is time to pull out the drawers and reveal the purportedly parlous state of Khazanah’s knickers.
More appropriately, Khazanah investment totalling RM80 million pumped for a 22 per cent stake in Zivame, the online purveyor of knickers for chaste Indian women is not necessarily money down the chute and as dire as claimed by its detractors.
In fact, Khazanah remains on track to, over the medium term; recover all or almost all of the sum PROVIDED for to cover this investment.
To the uninitiated – provision, refers to a prudent accounting procedure of setting aside a sum of money for what is expected to be a liability; hence the word PROVIDE/D.
This explanation was given in a farewell letter sent out to Khazanah staff, just a little over 36 hours after Azman vacated his office and left the building.
In the note, Azman said Zivame remains a going concern, “… having had its bester ever quarter.”
He added the investment made sense considering India was a market of more than one billion consumers, half of them women.
Women looking to buy undergarments online was therefore an untapped market, driven by rising incomes and even faster rising internet and mobile penetration in an otherwise male dominated physical retail sector.
For purposes of clarity and accuracy, we publish in full, Tan Sri Azman Mokhtar’s farewell letter below.
Astro Awani
Thu Aug 02 2018
Azman Mokhtar resigned from the sovereign wealth fund on July 26. - Filepic
Trade war will not hinder Malaysia’s GDP growth for 2025 - Rafizi
The finance ministry has projected Malaysia's GDP to grow between 4.5 and 5.5 per cent in 2025.
Trump administration considers adding Shein, Temu to 'forced labor' list, Semafor reports
The move comes after China imposes targeted tariffs on US imports and warnings of possible sanctions against firms like Google.
Thailand to cut power to Myanmar border areas linked to scam centres
Evidence shows transnational crime syndicates in Myanmar's Tachileik, Myawaddy, Payathonzu, that are possible power cut targets.
Trump reimposes 'maximum pressure' on Iran, aims to drive oil exports to zero
Trump signs the presidential memorandum reimposing Washington's tough policy on Iran that was practiced throughout his first term.
FACTBOX: Trump proposes US takeover of Gaza
Here are some remarks that US President Donald Trump made and questions that he answered during a press conference.
Singapore passes law against foreign interference in race-based organisations
Under the Racial Harmony Bill, race-based groups must disclose foreign and anonymous donations, affiliations, and leadership.
Malaysia, Uzbekistan agree to elevate ties to strategic partnership
Malaysia and Uzbekistan noted active cooperation on key issues within international bodies, especially the UN and OIC.
Musk's dad says he arranged son's call with South African leader
Trump's post claiming South Africa is "confiscating land" and mistreating "certain classes" triggers sudden flurry of backdoor diplomacy.
Israel PM Netanyahu says peace with Saudi Arabia is achievable
I think peace between Israel and Saudi Arabia is not only feasible, I think it's going to happen, says Israeli PM Benjamin Netanyahu.
Trump says UN has to 'get its act together,' UN pushes back
US President Donald Trump criticises the United Nations as "not being well run".
Police use latest tech to assist in renewed investigation of Teoh Beng Hock's case
Police says the technology could produce a clearer picture of the location where Teoh Beng Hock was found dead 15 years ago digitally.
Family of American killed on Malaysian Airlines flight can sue Russian bank, US court rules
The flight was shot down over DPR-controlled territory in eastern Ukraine by a surface-to-air missile, killing all 298 people on board.
FLOODCOM: M'sia's first floating flood disaster command centre using nuclear technology
The floating flood disaster command centre incorporates nuclear technology to accelerate emergency response and coordination during floods.
Saudi Arabia says it won't establish ties with Israel without creation of Palestinian state
Saudi Crown Prince affirms kingdom's stance in a "clear, explicit manner" with no room for interpretation, says foreign ministry.
What are five new critical metal exports restricted by China?
China announced sweeping export restrictions targeting five metals used across defence, clean energy and other industries.
Trump, in shock announcement, says US wants to take over Gaza Strip
The US will take over the Gaza Strip, and we will do a job with it too, says US President Donald Trump.
Air Busan to disallow power banks in overhead bins after plane fire
Any power banks should be kept with passengers so any overheating, smoke or fire can quickly be spotted and dealt with.
Can the US Congress intervene on Trump's tariffs?
The US Constitution gave Congress tariff powers, but for 70 years, it has passed laws shifting that authority to the president.
Trump proposes permanent displacement of Gazans with Netanyahu at White House
Trump repeated his call for Jordan, Egypt and other Arab states to take in Gazans.
Sweden's deadliest attack leaves 10 dead at Orebro adult school
Police said the gunman was believed to be among those killed.