KUALA LUMPUR (Feb 8): Armed Forces Fund Board (LTAT) chairman Tan Sri Raja Mohamed Affandi Raja Mohamed Noor has retired from the board with immediate effect, just a week after chief executive officer Datuk Ahmad Nazim Abd Rahman departed.
This also comes over a month after it was reported that the planned restructuring of the armed forces pension fund had been put on hold, following a change of the head of the Ministry of Defence.
Mohamed Affandi spent two and a half years as the chairman of LTAT since his appointment back in August 2021, which the fund said was marked by an unwavering commitment to bolstering its corporate governance.
“His leadership has been instrumental in achieving significant milestones, notably securing approval for an amendment to the Tabung Angkatan Tentera Act 1973, aimed at fortifying LTAT’s corporate governance framework,” LTAT said in a statement on Thursday.
“During his stewardship, LTAT inaugurated the Investment Risk Policy and Guidelines, a pivotal measure ensuring the safeguarding of LTAT’s investments while optimising its risk-return profile,” it added.
Further, LTAT underlined that Mohamed Affandi spearheaded the implementation of an organisational anti-corruption plan, underscoring the board’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. Mohamed Affandi’s visionary leadership and resolute efforts have indelibly strengthened LTAT’s foundations, leaving an enduring legacy of excellence and integrity,” the fund said.
“The board, management and staff of LTAT convey their deepest gratitude to Mohamed Affandi for his invaluable leadership and contributions during his tenure, and wish him the very best in his future endeavours,” it added.
The Edge Malaysia reported in its publication for the week of Dec 18-24, citing sources, that those involved in the restructuring of LTAT had been told not to proceed with any work on it, pending a review by new Defence Minister Datuk Seri Mohamed Khaled Nordin.
Khaled, formerly the higher education minister, was appointed to the post during a Cabinet reshuffle that took place on Dec 12. He succeeds Datuk Seri Mohamad Hasan, who was appointed to head the Ministry of Foreign Affairs.