Accountability of GLCs

DAP National Deputy Chairman and MP for Kepong Dr Tan Seng Giaw reiterates that there should be better accountability and transparency of all government-linked companies (GLC) which like Sime Darby,Guthrie, Maybank and Mas attract much public attention.

On 18.10.2010 Dr Tan listens to the reply to an oral question on GLCs in the House by Deputy Finance Minister on the good performance of G20 which consists of 19 biggest GLCs.

GLCs play an important part in the economy of the country. The aggregates of G20 rising from RM9.6 billion in 2004 to RM RM19.3 in 2008 and RM17 billion in 2009 as well as seven GLCs achieving all 51 Key Performance Indices (KPIs) appear impressive. Malaysian Airline System (Mas) made a profit of RM490 million in 2009. The Chemical Company of Malaysia incurred a loss of RM5.8 million in 2009.

It is expected that whatever a GLC does arouses the interest of the people. For example, Sime Darby, which is a big multinational Corporation, was involved in certain transaction that has been of concern. Hitherto, we have not had a full report of the transaction.

The Employment Provident Fund and Khazanah National are said to be involved in the takeover of PLUS. If it is true, it would cost multibillion ringgits. What does it mean to the public?

The Prime Minister Datuk Seri Najib Tun Razak heads a supervisory committee to oversee 31 GLCs. We hope it truly monitors the performance, the accountability and the transparency of these companies.

Dr Tan Seng Giaw