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PETALING JAYA: A government venture capital firm, Penjana Kapital, has threatened to sue over allegations linking the appointment of two fund managers to Finance Minister Tengku Zafrul Aziz.
The company said it would not hesitate to take legal action against anyone who suggests there was any wrongdoing in the appointments of the two managers for the government-sponsored Dana Penjana Nasional venture capital fund of RM1.2 billion.
A news report had said that the founder of one fund management company is linked to the finance minister through extended ties in the royal house of Selangor, while the co-founder of a second company was the cousin of Tengku Zafrul.
Penjana Kapital, who manages the fund, said the appointments of its fund managers were made following a rigorous process that involved an independent international consulting firm.
“Any potential conflict of interest, based on immediate family ties with those in decision-making capacity at Penjana Kapital or the independent consulting firm, was also disclosed by all applicants in their submissions,” the company said.
Recommendations on appointments were made to the board of directors. “While the board is also comprised of representatives from the finance ministry, the decision to appoint the eight venture capital fund managers was made solely on the basis of predetermined criteria and evaluations,” the company said.
In December, Penjana Kapital said it had attracted eight venture capital fund managers to invest in Malaysian startups as part of the Dana Penjana Nasional program.
Dana Penjana is a fund matching fund program 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 local private investors and foreign.
