Khazanah was set up to prevent Bumiputeras from buying shares and selling them to others immediately, Mahathir said.

Incorporated on Sept 3, 1993, Khazanah was established to manage commercial assets owned by the federal government as well as design strategic investments that could contribute to nation building.

“So, maybe they should go back to their original purpose,” he told reporters today after the Pakatan Harapan presidential council meeting in Putrajaya.

“It is quite obvious now that they are doing all kinds of funny things.

“They are buying houses and they are taking over companies (which is not the original purpose for which Khazanah was established),” he said when asked on his recent remarks that the fund had deviated from its core purpose.

In 2004, under a refreshed mandate, Khazanah undertook an expanded and more active investment approach which included enhancing the performance of its existing core holdings while seeking opportunities in new economic sectors.

In an immediate reaction, Khazanah said it would seek further clarification from the government and other respective parties in respect of its mandate and investments.

“This is with the view of clarifying, reaffirming and implementing our mandate as the strategic investment fund of the government of Malaysia.

“Towards this end, we will provide further updates in due course, as appropriate,” the country’s sovereign wealth fund said in a statement.