GLCs must be more transparent

On 22 march, DAP National Deputy Chairman and MP for Kepong spoke in Parliament for about 20 minutes. One of the issues raised was government-linked companies (GLCs).

Yesterday, 15 GLCs announced their key performance indicators (KPI) and return on equity (ROE). They were: Affin, Bank Islam, BCHB, Boustead, Golden Hope, Guthrie, MAS, Maybank, MBSB, MRCB, Proton, Sime Darby, TNB, TM and UEM World.

This important move may kindle the interest of investors. Certainly, KPIs are of interest to Malaysians.

"We believe in being free of inequalities and constraints that include the constraints of authoritarianism in all its forms. This would need the interdependent transformation of both state and civil society. There must be room for the articulation, expression and mediation of difference. There must be the right of dissent. We persist to struggle against totalitarianism, economic iniquities and social injustices.

One of the great iniquities is the long-term mismanagement of some of the government-linked companies (GLCs) such as Malaysia Airlines System (MAS). The Finance Minister Incorporated (MKD) was set up in 1957 under the act of the same name. By 31 December, 2002, the Government had invested through MKD totaling RM12.26 billion in 77 companies, the most prominent of which is Malaysian Banking Berhad (Maybank). MKD has Khazanah Nasional Berhad with a paid-up capital of RM5.4 billion and total assets RM36.871 billion. Khazanah controls 57 companies, the main ones being Tenaga Nasional Berhad, Telekom Malaysia, Bumiputra Commerce Holdings Berhad, Proton Holdings Berhad, UEM World Berhad and MAS. The scandal of APs, the precarious position of Proton and the saga of MAS continue to attract attention.

We wish the new Chief Executive Officer of MAS Idris Jalar well. We would like to see MAS recovering from the saga of disasters.

The Government must present in Parliament reports of MKD and Khazanah on the performance of these companies including the reasons for the success and failure."