Anwar says no governance breaches comparable to 1MDB and Tabung Haji scandals have been detected in GLCs and GLICs as the government plans tougher oversight.
KUALA LUMPUR: The government has so far detected no governance breaches in government-linked companies (GLCs) and government-linked investment companies (GLICs) comparable to past scandals involving 1Malaysia Development Bhd (1MDB) and Tabung Haji, Prime Minister Datuk Seri Anwar Ibrahim told the Dewan Rakyat today.
Anwar said the government was working towards introducing legislation to strengthen oversight of government-owned entities, including stricter corporate governance requirements, clearer limits on authority and greater accountability among those appointed to manage public assets.
“I can give an assurance that, so far, we have not identified any breaches similar to those we inherited previously in the companies I mentioned earlier — 1MDB, Tabung Haji and Felda,” he said during Prime Minister’s Question Time (PMQT).
Responding to Bangi MP Syahredzan Johan, who raised concerns about the political exploitation of GLCs and past financial scandals, Anwar acknowledged the extent of governance failures involving 1MDB and Tabung Haji.
He said stronger safeguards were needed to prevent abuses involving government-linked entities and their subsidiaries.
“The limits of authority and those appointed must be more accountable and must not treat these entities as their personal or family property,” he said.
Anwar also stressed that political figures were prohibited from interfering in investment decisions under the government’s GEAR-uP programme, which aims to mobilise RM120 billion in domestic direct investments between 2024 and 2028.
He said investment decisions should be entrusted to professionals with the necessary expertise.
However, he acknowledged that strengthening corporate governance remained challenging, particularly when influential political and business interests resisted restrictions on established practices.
Anwar said the proposed law governing government-owned entities would establish clearer safeguards, adding that meaningful reforms required political determination to overcome entrenched interests.