Putrajaya has right to restructure GLCs, says Ku Li

Melati A. Jalil Melati A. Jalil Updated 5 years ago · Published on 31 Jul 2018 4:33PM · 4 Comments

Former finance minister Tengku Razaleigh Tengku Hamzah says the recent purge of top corporate players paves the way for restructuring. – The Malaysian Insight file pic, July 31, 2018.

IT is Putrajaya’s prerogative to restructure government-linked companies, said former finance minister Tengku Razaleigh Tengku Hamzah of the recent purge of top corporate players.

“According to the prime minister or the government’s statement, it paves the way for them to restructure all those organisations, which are considered government-linked,” the Gua Musang MP told reporters in Parliament today.

“So, I think the government has the prerogative to restructure, in any way they like, the organisations that are under their control.”

Asked whether the action is excessive, the veteran Umno leader said: “It depends on how you see it.”

Last week, Khazanah Nasional Bhd managing director Azman Mokhtar and the rest of the board submitted their quit letters, to “facilitate a smooth and orderly transition” under the new Pakatan Harapan government.

Their move followed Prime Minister Dr Mahathir Mohamad’s complaints on the exorbitant salaries of some heads of GLCs, and Khazanah’s deviation from its original mandate.

Khazanah is Malaysia’s main sovereign wealth fund, with strategic interests across most sectors, including finance, health, telecommunications, aviation and utilities.

Besides Azman, the others who resigned were Md Nor Md Yusof, Mohamed Azman Yahya, Mohammed Azlan Hashim, Raja Arshad Raja Uda, Andrew Sheng Len Tao, Nazir Abdul Razak, Nirmala Menon and Yeo Kar Peng.

In recent weeks, several heads of government-linked investment companies and funds have either stepped down or not gotten their contracts renewed, including Permodalan Nasional Bhd chairman Abdul Wahid Omar, who resigned last month after failing to meet Dr Mahathir.

Economic Affairs Minister Mohamed Azmin Ali has been made a director on the Khazanah board, together with Mohd Hassan Marican, Dr Sukhdave Singh and Goh Ching Yin. Dr Mahathir has been appointed as board chairman. – July 31, 2018.

Sign up or sign in here to comment.

Comments

  • For once something sensible from DumNo

    Posted 5 years ago by Sabah One · Reply

  • Nothing to talk about. Hehehe.

    Posted 5 years ago by Astann astann · Reply

  • Curbing exorbitant salaries of staff & other excesses by Najib?..

    Posted 5 years ago by MELVILLE JAYATHISSA · Reply

  • Meritocracy should apply not just in our schools but in all aspects of our lives. Malaysia baru should expect good performance and returns for their money so those who do not add value (e.g. cronies, toll collectors) must make way for those who can.

    Posted 5 years ago by Roger 5201 · Reply