Report: Founder of China’s largest AI firm among foreigners joining Khazanah board

Report: Founder of China’s largest AI firm among foreigners joining Khazanah board

KUALA LUMPUR,. Khazanah Nasional Bhd may appoint the founder of one of China’s largest artificial intelligence (AI) firms into its board of directors, along with the backing of e-commerce giant Alibaba Group Holdings Ltd.

The Star reported today citing an anonymous source that several other foreigners may be appointed in, as part of the group’s strategy to tap on the diverse expertise.

It also reported that the appointment is also largely in line with Khazanah’s emphasis on Chinese investment.

According to a May report by Khazanah, one of its first forays overseas was to China where in 2005, it bought close to a 10 per cent stake in the then-largest retailer in China, Parkson.

“The initial investment was just one of a string of subsequent investments that Khazanah has made in multiple sectors in China, including in education, renewable energy, finance, retail, innovation and technology and healthcare sectors,” the report said.

It said the investment arm also has an office in Beijing, one of the six overseas offices that it has established since its formation in 1994.

The source noted among other new board appointments could likely be corporate figures from the United States and Japan.

Malay Mail is currently verifying the report with Khazanah.

It said these new directors will be in addition to the directors who came into Khazanah in July following the mass resignations of the entire board.

The old board, which comprised nine members, had resigned after reportedly reaching a unanimous decision that Prime Minister Tun Dr Mahathir Mohamad’s administration should be the one to determine the sovereign wealth fund’s new leadership structure.

Among the old board members were Khazanah ex-managing director Tan Sri Azman Mokhtar, Datuk Seri Nazir Razak, Tan Sri Mohamad Azman Yahya, Datuk Mohammed Azlan Hashim, Tan Sri Raja Arshad Raja Uda and Tan Sri Andrew Sheng Len Tao.

They have so far been replaced by Dr Mahathir himself who is chairman and board members, Economic Affairs Minister Datuk Seri Mohamed Azmin Ali, former Petroliam Nasional Bhd president and chief executive Tan Sri Hassan Marican, former Bank Negara deputy governor Sukhdave Singh and former Securities Commission executive director Goh Ching Yin. — Bernama