KUALA LUMPUR: Tan Sri Lodin Wok Kamaruddin has stepped down as chief executive officer of Lembaga Tabung Angkatan Tentera (LTAT) with immediate effect.
He will be replaced by Nik Amlizan Mohamed, who is currently the chief investment officer of Kumpulan Wang Persaraan (Diperbadankan) (KWAP).
With an asset under management of around RM10 billion, LTAT is considered the smallest among the government-linked investment companies.
LTAT owns controlling stakes in several listed companies – Boustead Holdings Bhd, Affin Bank, Boustead Plantations Bhd, Boustead Heavy Industries Corp Bhd (BHIC) and Pharmaniaga Bhd.
Pending further announcements, Lodin, 69, is the managing director and deputy chairman of Boustead Holdings Bhd, which is controlled by LTAT via its 60 per cent stake.
In a statement today, Defence Minister Mohamad Sabu said LTAT board of directors met on 30th August 2018 to discuss Lodin’s resignation after 36 years in charge, as well as the appointment of his successor.
“I have accepted his (Lodin) resignation as LTAT chief executive and one of the board members," Mohamad said in a statement.
"I also agreed on the recommendation made by the Board to appoint Nik Amlizan replacing Lodin as the chief executive and a member of the Board of Directors of the LTAT,” he added.
The appointment of Tan Sri Mohd Zahidi Zainuddin as the new LTAT chairman, effective this month, heralded the wind of change.
Lodin, who held the top post in LTAT from 1982, was noted for spearheading the fund’s activities in various programmes such as affordable housing and the setting up of PERNAMA outlets selling basic groceries for staff members.
In recent years, however, his name is frequently highlighted as the chairman of the controversial 1Malaysia Development Bhd (1MDB).
The 1MDB fund is under investigation for alleged misappropriation of funds amounting to tens of billions of ringgit.
Although Lodin relinquished his position in 1MDB in 2016, his name continues to be insinuated with the troubled entity, in political speeches and social media platforms during the run up to the 14th General Elections in May 2018.
Within two weeks the new government come into power following the General Elections results, LTAT withdrew its suit against Parti Keadilan Rakyat (PKR) vice-president Rafizi Ramli.
LTAT had earlier filed a civil suit against the PKR politician for implying that the board had no money to pay gratuity to ex-servicemen.