The statutory body, which manages the pension funds for the Malaysian Armed Forces, said the restructuring plan was being refined and would be presented to the Cabinet to be reviewed and approved.
“This approach demonstrates LTAT’s dedication to constructively engage key stakeholders, including the defence ministry and the finance ministry,” it said in a statement today.
LTAT said the refined restructuring plan intends to reduce its asset concentration to 35%, instead of the 50% target in the previous plan.
It was responding to Public Accounts Committee member Dr Halimah Ali, who said LTAT had not announced an alternative plan since its strategic plan 2023-2025 was abandoned 10 months ago.
In July 2023, LTAT launched Mampan25, a two-year roadmap to improve its performance through 2025.
The roadmap focused on expanding the fund’s assets under management to RM15 billion, delivering consistent 5% returns to members, and recovering a RM3.3 billion investment in businesses involving wholly owned Boustead Holdings Bhd.
On Dec 18, 2023, The Edge reported that LTAT’s restructuring plan had been put on hold pending a review by Khaled Nordin, who took over the defence portfolio following a Cabinet reshuffle.
LTAT also cleared the air over the alleged sale of parcels of land to Ideal Properties Bhd and Eco World Development Group Bhd.
It dismissed claims of plans to sell farmland supposedly owned by Boustead Plantations Bhd in Batu Kawan, Penang, to Ideal Properties.
“LTAT and its group of companies do not own any land in that area. The claims concerning its disposal are false and misleading,” it said.
In the case of Eco World’s purchase of land owned by Boustead Properties Bhd worth RM742 million for a mixed development project, LTAT said a request for proposal process had been carried out.
It said Eco World’s purchase was done via its subsidiary, Mutiara Balau Sdn Bhd.
It said the RFP saw 19 companies, including government-linked companies and private firms, being invited to take part
“While 10 expressed interest, only one company, Eco World, a Bumiputera-majority-owned property developer, submitted a proposal following a robust and transparent tender process,” it said.