‘It will only benefit cronies’

Wee: Govt’s plans to change Khazanah’s role will favour select few

PETALING JAYA: The Government’s new plans for Khazanah Nasional Bhd will open the doors for a return to privatisation and crony capitalism, says MCA deputy president Datuk Seri Dr Wee Ka Siong.

Forcing the sovereign wealth fund to divest its profitable companies to selected individuals will open doors for the favoured or politically connected to be enriched, he added.

“When the transformation programme was launched a decade ago, the previous Barisan Nasional government tried to steer the country away from the practice of crony capitalism that had previously enriched certain favoured tycoons to a model where the wealth of the country was shared by all – especially among the B40 income group.

“During this time, the net assets of Khazanah had increased from RM33.7bil at the end of 2008 to RM115.6bil at the end of last year.

“Khazanah Nasional has been contributing regular dividends to the Government and played a vital role to invest in sectors and companies that are of strategic importance to our country,” he said in a statement yesterday.

Dr Wee added that Khazanah Nasional had always played a crucial role as a sovereign fund for Malaysia, similar to that of Singapore’s Temasek Holdings.

He urged the Pakatan Harapan Government to reconsider its recently-announced plan to change the role of Khazanah Nasional and eventually forcing it to divest its shares in profitable companies to a select few bumiputra individuals.

“Who decides then to which businessman or individual Khazanah should divest its profitable assets?

“The Government should assist all Malaysians and not just a few selected individuals. The PH Government must abandon its plans to change the role and objectives of Khazanah Nasional,” Dr Wee said.

Last week, it was reported in a business website that Prime Minister Tun Dr Mahathir Mohamad said Khazanah Nasional had strayed from its mission over the years.

He said Khazanah Nasional should go back to its core purpose of helping bumiputras.

The PH Government must abandon its plans to change the role and objectives of Khazanah Nasional. Datuk Seri Dr Wee Ka Siong