KUALA LUMPUR: Lembaga Tabung Angkatan Tentera (LTAT) has dismissed the notion that its chief executive officer Datuk Ahmad Nazim Abdul Rahman's resignation is due to the delayed restructuring of subsidiary Boustead Holdings Bhd.
Responding to The Edge's article headlined "LTAT's Ahmad Nazim leaves after restructuring put on hold" on Feb 2, the armed forces fund clarified that it remains committed to ensuring its long-term sustainability.
LTAT will also continue to explore all investment options together with the relevant stakeholders, including regulatory bodies and the Ministry of Defence, as mandated by the Tabung Angkatan Tentera Act (Act 101).
"The investment decisions made by LTAT undergo a rigorous procedure, involving approvals from the investment committee, investment panel and the board.
"Anchored by the Strategic Asset Allocation Framework and supported by various investment policies and guidelines, LTAT maintains a healthy investment portfolio aligned with its risk-return profile."
Addressing the specific matter of the Boustead restructuring, LTAT said the article might present an inaccurate depiction.
"As of the current juncture, no final decisions have been reached, and discussions with all relevant stakeholders are ongoing," it said in a statement today.
LTAT views this as both a structural and investment decision, subject to extensive internal and external processes, ensuring the best interests of contributors.
The restructuring of Boustead forms a crucial component of the broader LTAT Strategic Plan 2023-2025, alongside various independent initiatives.
LTAT affirms its commitment to enhancing the health of its investment portfolio, consistently considering the wider benefits and impacts associated with its decisions.
It also said the significant progress made in recent years, evident in improved year-on-year financial performance and the recovery of dividend declarations to a sustainable level, directly benefiting contributors.
"LTAT has made significant strides over the past few years as seen in its improved year-on-year financial performance and the recovery of dividend declaration to a sustainable level, directly benefiting its contributors.
"We would like to emphasise that throughout any engagement process, the government has been thoroughly professional and has upheld the appropriate governance in seeking the best resolution to the matter," said LTAT.