PETALING JAYA: The Armed Forces Fund Board (LTAT) has appointed Nik Amlizan Mohamed to replace Lodin Wok Kamarudin as chief executive effective today.
Defence Minister Mohamad Sabu said LTAT had met on Aug 30 to discuss Lodin’s resignation and replacement.
“I accepted his resignation as chief executive of LTAT and as one of its board members effective Sept 7.
“I also agreed to the board’s recommendation that Nik Amlizan replace him as chief executive and board member effective Sept 7,” he said in a statement today.
This follows a report by FMT last month quoting a well-placed source as saying that LTAT was next on Putrajaya’s purge list.
The source told FMT that the fund held about RM9 billion in contributions from members, adding that this was “too big” for Putrajaya to overlook.
He also said the axe might fall on Lodin and some of his lieutenants.
Lodin was once chairman of 1MDB, the troubled state fund alleged to have squandered billions of ringgit through various alleged misdeeds.
He had distanced himself from allegations of impropriety involving the controversial relocation of the Sungai Besi air force base to make way for Bandar Malaysia, a turnkey project of 1MDB which Putrajaya allowed to proceed.
He also defended the Najib Razak administration against allegations that it was using LTAT for 1MDB’s benefit.
LTAT is a statutory body that provides retirement benefits to armed forces personnel. Each soldier contributes 10% of his monthly salary to the fund and the government adds 15%.
Its assets include skyscrapers standing on some of the most sought after locations in Kuala Lumpur.