The second son of former prime minister Dr Mahathir Mohamad was named SIC Chairman in 2003.

According to the daily, Mokhzani said that he was “asked to vacate the post”, and his last day of service was on Oct 11.

Mokhzani is one of the richest men in Malaysia, and is ranked 28 in the 2016 Forbes “List of Malaysia’s 50 Richest”. Forbes lists his value this year at USD480 million (RM2.02 billion).

He sits on the boards of SapuraKecana, the largest oil-and-gas service provider in the country, fibre-optics cable company Opcom Holdings and telecommunications monolith Maxis, among others.

He is the third of four children of Mahathir and Siti Hasmah Ali.

SIC has not made any announcement as to the replacement for Mokhzani.

The SIC was officially opened on March 9, 1999 and has hosted both the Formula One Grand Prix and MotoGP series every year since.