Opposition worried about investments and fate of GLCs

PETALING JAYA: The Government must address the mass resignation of Khazanah Nasional Bhd’s board of directors, says Opposition leader Datuk Seri Dr Ahmad Zahid Hamidi.

“The Opposition is worried about Khazanah’s foreign investment portfolio and the position of government-linked companies under it.

“We are also concerned companies under Khazanah will be left in turmoil after moves to force officials chosen by the Barisan Nasional government to resign,” he said.

Dr Ahmad Zahid said the resignations could be seen as a chance for the Government to promote its choice of civil servants to helm the sovereign wealth fund.

“But what really troubled us is the resignation of the board of directors,” he said.

Dr Ahmad Zahid said Khazanah’s present board of directors was well-qualified and possesed international corporate experience.

“The Opposition hopes the Government will choose an equal or even better line-up so that investments will not be affected,” he said.

Rembau MP Khairy Jamaluddin said the en bloc resignation did not come as a surprise.

“Not surprising. Apparently, PM has yet to even grant MD (managing director) appointment at the office.

“BoD (board of directors) meeting cannot be called. I hope present GLC (government-linked companies) model will be continued.

“GLC transformation is a success story. Needs tweaks for sure,” he said in a series of tweets yesterday.

Khairy added Khazanah was different from when Dr Mahathir was first prime minister – a holding entity for the Government’s stake in companies with “no strategic role”.

“Post PM, Khazanah transformed into a strategic investment arm to make investments that would benefit the nation.

“Khazanah recruited the best and brightest to do this.

“It would be a shame to dismantle everything only to replace it with the business model of the 1990s.

“My fear: GLCs will be broken up and flogged off to a new set of 1990esque businessmen,” said Khairy.