Penjana Kapital Threatens Suit After Report On Zafrul Links

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Penjana Kapital oversees a RM1.2 billion venture capital fund to invest in Malaysian start-up companies.PETALING JAYA: A government venture capital firm, Penjana Kapital, has threatened to sue over allegations linking the appointment of two fund managers with finance minister Tengku Zafrul Aziz.
The company said it would not hesitate to take legal action against anyone who suggests there was any irregularity in the appointments of the two managers for the government-sponsored RM1.2 billion Dana Penjana Nasional venture capital fund.
A news report had said that the founder of one fund management company is linked to the finance minister through extended ties in the Selangor royal household, while the co-founder of a second company was Tengku Zafrul’s cousin.
Penjana Kapital, which manages the fund, said the appointments of its fund managers were made following a rigorous process involving an international independent consulting firm.
“Any potential conflict of interest, based on any immediate family ties with those in decision-making capacity at Penjana Kapital or the independent consulting firm, was also declared by all applicants in their submissions,” the company said.
The recommendations on the appointments were made to the board of directors. “While the board also comprises representatives from the finance ministry, the decision to appoint the eight VC fund managers was solely made based on predetermined criteria and assessment,” the company said.
In December, Penjana Kapital said it had attracted eight venture capital fund managers to invest in Malaysian start-ups as part of the Dana Penjana Nasional programme.
Dana Penjana is a matching fund of funds programme with a target total fund size of at least RM1.2 billion, with Penjana Kapital matching up to RM600 million, on a 1:1 basis, with funds raised from foreign and private local investors. - FMT

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