"Alur Bertempuh, Jalan Berturut"

is a Malay saying that literally means “to follow the well-beaten path, to move in an orderly manner”. It reflects the Malay cultural ethos and in essence means, doing things in accordance with established principles grounded upon core values.

The saying resounds with who we are and what we do at Khazanah. Our core values – teamwork, mutual respect, diligence, integrity, and professionalism – are infused throughout the organisation, serving as the thread that binds every staff member.

These values are the day-to-day guiding principles in our work, be it in formal and informal interactions between individuals and teams across the organisation, as well as in our engagements with the multiple stakeholders that we work with. They serve as a check-and-balance as we collectively strive to deliver commercial, strategic and societal returns.

The values underpin our efforts in building an institution that is able to weather the challenges and that can stand the test of time, as we collaborate with many others to build true value for Malaysia and its people. Together, we work towards transforming Malaysia into a developed nation with a high-income, sustainable and inclusive economy.


Putting values into action to drive towards
long-term sustainable growth

The theme of The Khazanah Report 2015 (TKR2015) is Living Our Values. Our five core values – teamwork, mutual respect, diligence, integrity and professionalism – are an integral part of Khazanah. On their first day at work, new employees are inducted on these values, which also feature prominently in the Code of Conduct handbook given to them. The values define who we are as an organisation and delineate what we advocate and how we operate.

Teamwork harnesses the strength of our staff, encouraging cooperative efforts across all levels and activities to achieve a common goal, all the while maintaining mutual respect by valuing each other’s diversity and treating everyone fairly. Through diligence, we give every task full care and commitment while striving for speed and accuracy. Integrity is fundamental to our actions, in which we strive to do what is right without exception, through good governance and operating with ethics. Professionalism ensures that we are accountable and responsible for all that we do, being timely and doing our best for each other and for our partners and stakeholders.

The theme is reflected on the cover of this report, premised on the concept of the tiang seri, which is the main pillar that forms the anchor of Malay traditional houses. The tiang seri is commonly wrapped by five different coloured cloths to distinguish it from other pillars. Similarly, the five Khazanah values are reflected across the various tasks that we undertake in carrying out our mandate.

To provide further insight into the theme throughout the report, the following pages feature call-outs on our activities and quotes from our staff that collectively highlight their approach, focus and understanding of the Khazanah values. Inside, the theme is further demonstrated through a case study that further elaborate on our governance and accountability framework, in addition to two other case studies on our work in catalysing domestic growth and value creation, and on our strategic venture into inclusive innovation.


“As a Khazanah employee, you are expected to be courteous, honest and responsible when dealing with people you work with. I call this simply as, being professional. However, it is important for us to continuously remind ourselves that ‘professional’ is not a label that you give yourself. It’s a description you hope others will apply to you.”

Mohamed Nasri Sallehuddin
Executive Director, Corporate & Support Services,
Company Secretary & Head, Legal

2015 in Review

The year 2015 was marked by several key transactions that further underlined our role as a strategic investment fund. These include corporate exercises, restructuring activities, investments, strategic divestments to support national development objectives, and catalytic projects.

 Investee Company   Key Events

  • 5 JAN 2015

    Completed acquisition of 100% stake in Sabiha Gökçen airport

  • 14 JAN 2015

    11th Khazanah Annual Review

  • 14 JAN 2015

    CIMB-RHB-MBSB bank merger negotiation terminated

  • 20 JAN 2015

    Budget 2015 Review: Preemptive economic measures announced

  • 22 JAN 2015

    Malaysia Business Luncheon at Davos

  • 28 JAN 2015

    Divested 2.0% stake (RM1.6b) via market placement

  • 25 FEB 2015

    Awarded LOA for HSBB2

  • 26 MAR 2015

    Acquired 51% of Continental Hospitals, India

  • 28 MAR 2015

    Completed RM1.3b rights issuance

  • 8 APR 2015

    Aviation Commission Bill passed by Dewan Rakyat

  • 1 MAY 2015

    Christoph Mueller appointed as MD and CEO

  • 6 MAY 2015

    Announcement of new appointments to Khazanah’s Senior Leadership Team

  • 15 MAY 2015

    PCG #28

  • 25 MAY 2015

    The Khazanah Report 2014 launched

  • 1 JUNE 2015

    Termination letters for MAS employees to move to MAB, and operationalisation of Corporate Development Centre

  • 4 JUNE 2015

    Issuance of world’s first Ringgit- denominated SRI sukuk

  • 13 JUNE 2015

    Cikopo-Palimanan toll road launched by Indonesian President

  • 24 JUNE 2015

    RM3b endowment and Board of Trustees announced for Yayasan Hasanah

  • 3 JULY 2015

    Tan Sri Dr. Mohd Irwan Serigar appointed to Khazanah’s Board

  • 9 JULY 2015

    Acquired 70% of Jimah East

  • 30 JULY 2015

    Khazanah Europe Investment Limited office established in London

  • 5 AUG 2015

    Acquired property in St.Kilda, Melbourne

  • 7 AUG 2015

    PCG #29

  • 7-9 AUG 2015

    GLCT Programme Graduation

  • 24 AUG 2015

    "Making Housing Affordable” report published

  • 26 AUG 2015

    Special Economic Committee (SEC) established

    Khazanah announced additional & accelerated domestic investments of RM6.77b

  • 28 AUG 2015

    Acquired 73.4% of Global Hospitals, India

  • 1 SEPT 2015

    MAB begins operations

  • 4 SEPT 2015

    Proactive economic measures announced by Prime Minister

  • 14 SEPT 2015

    RM20b injection into ValueCap announced

  • 28 SEPT 2015

    Global Science and Innovation Advisory Council meeting, New York meeting, New York

  • 4-5 OCT 2015

  • 5 OCT 2015

    Pacific nations reached agreement on Trans-Pacific Partnership negotiations

  • 14 OCT 2015

    JV with Minor Group announced to develop Anantara resort in Desaru Coast

  • 16 OCT 2015

    Announced plans to open a 350-bed hospital in Chengdu, China

  • 23 OCT 2015

    Budget 2016 tabled

  • 3-5 NOV 2015

    World Islamic Economic Forum, KL

  • 16 NOV 2015

    "Why Trade Matters” report published

  • 18 NOV 2015

    JV with leading Philippines telco companies

  • 18-22 NOV 2015

    ASEAN Summit

  • 21-22 NOV 2015

    East Asia Summit

  • 2 DEC 2015

    Partnership agreement signed with Emirates

  • 5 DEC 2015

    Acquired 75% of Digicel Myanmar Tower Company Ltd

  • 14 DEC 2015

    Iskandar Investment Berhad capital restructuring completed

    Acquired 30% stake in Turkish power company, Gama Enerji AS

  • 20 DEC 2015

    Khazanah renews Managing Director’s contract

  • 21 DEC 2015

    Acquired 80% stake in Nepal mobile operator, Ncell

  • 29 DEC 2015

    Completion of project

Back to top of timeline


“Success requires taking a hundred small steps in the right direction – one after the other, no slip-ups, with everyone pitching in. We exercise diligence and continuously push ourselves to think outside the box on how to create and capture value for the portfolio.”

Nurul Amni Mohd Amin
Vice President, Managing Director’s Office
(Nurul Amni is in the Strategic Management Unit)


“As we break into new geographies, it’s important the players and stakeholders there not only get to know of Khazanah’s values but that we are consistent in upholding them. This helps attract the right partners for Khazanah to team up and build long-term relationships with.”

Abang Rahmat Yusuf
Director, Khazanah Turkey Regional Office


Striving for speed and accuracy. Giving every task full degree of care and commitment, and attending to matters with a sense of immediacy. Boldly seeking new opportunities in pursuit of the nation’s economic interests while ensuring sustainability in each investments and initiatives

Khazanah Board Retreat in December 2015 at The Datai Langkawi in Kedah

An Overview of Institution

Khazanah continues to grow as an institution, underpinned by a robust governance and accountability framework. Our Board of Directors, led by our Chairman, Dato’ Sri Mohd Najib Tun Abdul Razak, guides the efforts of our management in executing our mandate.

Dato’ Sri Mohd Najib delivering his speech at the Graduation Ceremony of the GLC Transformation Programme


The Government has taken the position of responsible leadership in implementing the necessary measures to ensure our economy remains in good stead

(From left) Tan Sri Dato’ Seri Lodin Wok Kamaruddin, Chief Executive of Lembaga Tabung Angkatan Tentera (LTAT), Tan Sri Azman and Tan Sri Ismee Ismail, Group Managing Director and Chief Executive Officer of Lembaga Tabung Haji


Our core values closely guide us in our efforts to deliver financial, strategic and societal returns for the country

Strategic Planning Group

We draw on the broad experience and capabilities of our people for the work that we do

The Strategic Planning Group (SPG) represents a team of about 100 senior staff from Senior Vice Presidents to Executive Directors. It is a diverse group of individuals from a broad range of industries and areas of specialisation, bringing to Khazanah a wealth of knowledge and experience.

The SPG, which includes the Senior Leadership Team (SLT), helps to collectively ensure the implementation and delivery of our strategic and commercial objectives, based on the direction from our Board, and in line with our mandate.

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Senior Leadership Team

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Managing Director

The team is led by Tan Sri Dato’ Azman Mokhtar, who has served as Managing Director since his initial appointment to the post in June 2004.

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Executive Director, Investments & Head of Investments

Dominic joined Khazanah in 2008 after 18 years in the banking sector, 12 of which were with ABN AMRO in several regional and international capacities. Prior to that, he worked with a major Japanese groups corporate finance division in Asia.

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Executive Director, Finance and Chief Financial Officer

Dato’ Izani joined Khazanah in March 2005 and was appointed Chief Financial Officer in May 2010. Prior to joining Khazanah, he was with Putrajaya Holdings Sdn Bhd and Renong Group.

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Executive Director, Investments

Datuk Hisham joined Khazanah in 2011 from Sime Darby Berhad, where he served in various senior capacities, covering strategy and business development, healthcare, energy and utilities, and China. He also has significant prior experience in equity research and investment banking.

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Executive Director, Managing Director’s Office & Head of Managing Director’s Office

Jiv joined Khazanah in 2010. He was previously a Partner at PricewaterhouseCoopers, where he spent 18 years based in London and Kuala Lumpur.

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Executive Director, Investments and Head of Strategic Management Unit

Zulqarnain joined Khazanah in May 2014 from Danajamin Nasional Berhad where he was the CEO. Prior to that, he served at various financial groups including UBS Warburg, Pengurusan Danaharta Nasional Berhad, CIMB Group and Symphony Group.

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Executive Director, Corporate & Support Services, Company Secretary & Head, Legal

Mohamed Nasri joined Khazanah in 2009. Previously he was a partner with a leading law firm in Malaysia, advising clients on corporate law and the legal aspects of corporate restructuring, take-overs and mergers.

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Executive Director, Managing Director’s Office and Head of Special Projects Office

Izani joined Khazanah in 2009 and is responsible for leading Khazanah’s work on the GLC Transformation Programme. He spent a considerable number of years with large multinationals and corporations, including Shell, Maybank, Sime Darby, Petronas and Malaysian Airline System Berhad.

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Executive Director, Managing Director’s Office and Managing Director, Khazanah Research Institute

Dato’ Charon joined Khazanah in November 2013. Previously he was the Deputy Chief Executive Officer, Investment Banking, CIMB Group and Chief Executive Officer of CIMB Investment Bank. Prior to that he was the Managing Partner of Messrs. Zaid Ibrahim & Co.

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Executive Director, Khazanah Nasional Consulting (Beijing) Company Limited

Ben joined Khazanah in 2005. He was formerly Director of Research at several investment houses in Malaysia, covering Malaysia and Singapore. Previously, he was head of China research with Cazenove & Co and ING Barings, based in Hong Kong.

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Executive Director, Khazanah Europe Investment Limited

Javier Santiso joined Khazanah as an Executive Director in August 2015 and heads Khazanah Europe Investments Limited. He was previously the Managing Director for Global Affairs and New Ventures of Telefonica. He has also served as Director General and Chief Economist at OECD Development Centre.

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Executive Director, Khazanah India Advisors Private Limited

Chinta Bhagat joined Khazanah as an Executive Director in July 2015 and heads Khazanah India Advisors Private Limited. He was previously from McKinsey & Co where he was the Managing Partner in the Singapore office. Prior to McKinsey, he held various positions at an engineering and construction firm in India, culminating in his role as Chief Executive Officer.

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Executive Director, Investments and Overseeing Executive Director of Khazanah Turkey Regional Office

Dato’ Noorazman joined Khazanah in 2010 from Fajr Capital Ltd based in Dubai, where he was the Managing Director. Prior to that, he held a succession of international banking and finance positions, including with Citigroup, Bank Islam, Kuala Lumpur Stock Exchange and Labuan Offshore Financial Services Authority.

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Executive Director, Investments and Overseeing Executive Director of Khazanah Americas Inc.

Tengku Dato’ Sri Azmil joined Khazanah in 2011 from Malaysian Airline System Berhad where he was Managing Director and Chief Executive Officer. Prior to that, he was Managing Director and Chief Executive Officer of Penerbangan Malaysia Berhad. He has also worked at PricewaterhouseCoopers in London and Hong Kong.

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Executive Director, Investments

Zaida joined Khazanah in January 2007. Previously, she was Company Secretary and Head of Legal at Permodalan Nasional Berhad after spending several years in legal practice.

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Executive Director, Investments

Farouk joined Khazanah in 2006 after spending a number of years with a strategic advisory firm in Kuala Lumpur. He started his risk analysis work in London before returning to Kuala Lumpur to assume a role at an actuarial consultancy firm.

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Executive Director, Investments

Ken joined Khazanah in 2011 from Qatar Investment Authority (QIA) where he held several senior positions, including Adviser to the Chief Executive Officer and member of the Board of Qatar Holding LLC. Before QIA, he was with Salomon Brothers in Hong Kong and Lehman Brothers in New York.

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Executive Director, Strategic Human Capital Management and Head of Strategic Human Capital Management

Latifah joined Khazanah Nasional on 1 April 2015. She has over 20 years of experience in Human Resources in multinational companies including Honeywell Inc., and Motorola/Freescale Semiconductor. She has also worked in a Singapore-based consulting firm as well as Hatibudi Nominees/ Renong Group and Arab Malaysian Bank.

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Director, Managing Director’s Office and Chief Risk Officer

Rohayati joined Khazanah in 2009. She was previously with KPMG, Arthur Andersen and Barclays Capital in London.

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Executive Director, Investments

Shahazwan left Khazanah in April 2016 after spending 11 years with the company. We would like to thank him for his contribution and wish him all the best in his future undertakings.

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Executive Director, Investments

Omar left Khazanah in December 2015 to join Malaysia Airlines Berhad as Chief Financial Officer. We would like to thank Omar for his contribution.


“Being in the Secretarial Unit, it is always about ensuring good governance with high integrity. Integrity is doing the right thing, even when no one is watching... and we live by that.”

Nor Azimah Abdul Rashid
Assistant Vice President, Corporate & Support Services

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