KUALA LUMPUR: Lembaga Tabung Angkatan Tentera (LTAT) has announced the retirement of its chairman General Tan Sri Raja Mohamed Affandi Raja Mohamed Noor, effective today.
The announcement comes days after LTAT took pains to dispel news that its chief executive Datuk Ahmad Nazim Abdul Rahman's resignation was due to the delayed restructuring of subsidiary Boustead Holdings Bhd.
Ahmad Nazim resigned on Jan 31, 2024 more than two years into his role.
LTAT in its statement said Raja Mohamed Affandi's tenure as LTAT Chairman, commencing in 2021, wasmarked by an unwavering commitment to bolstering LTAT's corporate governance. His leadership has been instrumental in achieving significant milestones, notably securing approval for the amendment to the Tabung Angkatan Tentera Act 1973 (Act 101), aimed at fortifying LTAT's corporate governance framework.
During his stewardship, LTAT inaugurated the Investment Risk Policy & Guidelines, a pivotal measure ensuring the safeguarding of LTAT's investments while optimizing its risk-return profile.
Moreover, Raja Mohamed Affandi spearheaded the implementation of an Organisational Anti-Corruption Plan, underscoring LTAT's dedication to ethical practices and transparency.
Under his guidance, LTAT successfully completed its Transformation Plan 2019-2023, positioning the organisation on a robust trajectory for future growth and sustainability.
LTAT said Raja Mohamed Affandi's leadership strengthened LTAT's foundations, leaving an enduring legacy of excellence and integrity.
Less than two months ago, a Cabinet reshuffle saw the appointment of Datuk Seri Mohamed Khaled Nordin as Defence Minister, replacing Datuk Seri Mohamad Hasan.
In a statement on Feb 5, 2024, LTAT said the armed forces fund remains committed to ensuring its long-term sustainability.
LTAT said it will 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," it said.