Xeraya initiates proactive measures after concerns over ‘legacy issues’

 The Khazanah subsidiary says it is ready to assist in any inquiry into the matter.

Xeraya Capital Sdn Bhd, formed in 2012, manages Khazanah Nasional Bhd’s Life Sciences investments. (Xeraya Capital pic)

PETALING JAYA:

Khazanah Nasional Bhd’s subsidiary, Xeraya Capital Sdn Bhd, says it has initiated proactive measures and strengthened oversight processes following concerns raised about “legacy issues” afflicting the venture capitalist and private equity firm.

Xeraya, formed in 2012, manages the sovereign wealth fund’s Life Sciences investments.

“In line with our commitment to good governance, accountability and transparency, the board has already initiated proactive measures to review the matters highlighted and strengthen oversight processes where necessary,” it said in a statement.

“The board remains fully committed to cooperating with Khazanah and all relevant stakeholders and stands ready to provide its complete assistance and support to any review, inquiry or engagement that may be required.”

Xeraya also said it would continue to take appropriate steps to uphold the highest standards of governance and stewardship in the interests of the company and its stakeholders.

Earlier today, Prime Minister Anwar Ibrahim ordered an investigation into possible financial irregularities involving Xeraya, saying any breach of governance must be investigated regardless of who chairs the sovereign wealth fund.

Anwar revealed that the matter came up after Khazanah reviewed its past operations.

Khazanah later said the Xeraya board identified irregularities relating to past transactions that warranted further review. - Mkini