With the Pakatan Harapan administration under fire over the losses sustained by wealth fund Khazanah Nasional, Economic Affairs Minister Mohd Azmin Ali pinned the blame instead on investments made under BN rule.

In particular, he pointed to Khazanah's biggest losses coming from its failure to turn around Malaysia Airlines Bhd.

“While it is true that Khazanah reported a RM6 billion loss caused by impairments that increased to more than RM7 billion, this was a result of a review of the assets and investments made before the new government took over. 

"What did they say about a little knowledge being dangerous?" he asked in a series of tweets.

“And guess what? The largest single item of the (profit and loss statement) loss is over RM3 billion on MAS, as the strategy implemented has not turned around the company. 

"Investments made over the last few years into the airline before Harapan took over have to be impaired. Tell me about impaired reasoning!” 

Azmin added, however, that 2018 was a time for Khazanah to clean up problematic assets in its portfolio.

"Having taken these measures, I dare say that Khazanah will return to profitability in 2019."

Reuters reported yesterday that Khazanah suffered pre-tax losses of RM6.27 billion last year, and that it is unveiling a new investment strategy.

Former prime minister Najib Abdul Razak boasted in response that the sovereign wealth fund had never suffered losses during his term as prime minister.

According to a report in The Edge, however, losses in its MAS investments accounted about half of the fund’s total impairment for 2018.

Khazanah had taken MAS private and pumped in RM6 billion in a bid to revitalise the airline.