YOURSAY | Was there a consensus in the cabinet on Khazanah shake-up?
Stop the needless witch-hunt of Khazanah
Quigonbond: Malaysiakini columnist P Gunasegaram appears to be overly critical of Pakatan Harapan administration so far, but on this score, I feel he may be onto something.
Those who know former Khazanah Nasional Berhad managing director Azman Mokhtar will know that he has been removed purely for his association with former PM Najib Razak and not because of any overt corrupt practice or incompetence.
But while we sympathise with Azman, the bigger issue is going to be the critical future of Khazanah.
Personally, I believe they are going on the right track, investing in strategic high-tech sectors - not always successfully, but they have been far more successful than they have failed.
A lot of things Najib said have been self-serving, but one thing he said may be right, which is Khazanah is investing for Malaysians, and not just a particular race.
And because Khazanah is a key GLIC (government-linked investment company), it will have an impact on corporate Malaysia, depending on which direction it takes next.
Whether PM Dr Mahathir Mohamad is mistaken to compare Khazanah with Permodalan Nasional Berhad (PNB) or perhaps he is earnest that Khazanah needs to go back to its root remains to be seen, but it would be highly advisable for the Harapan government to clarify this direction soon.
Chairing Khazanah and having another politician (Economic Affairs Minister Azmin Ali) on board as a director also makes one wonder if Khazanah will be turned into an investment vehicle for dubious assets or initiatives.
At the beginning of the Harapan administration, heads were rolling for good reason – the civil service, 1MDB, etc – those seem clear-cut enough for Malaysians. With this one, the water has become murky.
I'm just surprised that DAP and PKR have proffered no opinion on this matter at all. Maybe not in public, but I hope there is debate going on behind the scenes, including issues like protectionism for national cars, which is a complete peeve with Malaysians.
Unspin: Mahathir should know the difference between the charter of Khazanah and PNB. For him to say that Khazanah has strayed in its objectives of helping the bumiputera is just a 'politically correct' way of getting rid of the board without facing brickbats, especially from Umno.
If we look at the previous board of directors, one should not be surprised by the presence of some funny deals because some of them have businesses of their own.
The new board looks more promising because they are technocrats who can focus on getting the job done without conflict of interest.
FairLand: I fully support Dr M for the sweeping changes that he is trying to bring to this new Malaysia, including this latest change at Khazanah's board.
I do not see it as a witch-hunt. I see it as a normal thing to do to allow the new government, which has been given the mandate by the people, to appoint people it thinks fit to manage all government-owned companies, including Khazanah.
Give Dr M and his team a chance and a bit of time to carry out their tasks. If they do not perform, we can always vote them out like we did to BN at the next GE.
Anonymous #21828131 31/Jul/2018: Gunasegaram, much as I respect your opinions, I feel that going overboard by commenting on this will do no good to Malaysia Baru (New Malaysia).
Time is of essence and Dr M is trying mighty hard to make things work. He cannot please everybody and has a duty to ensure that the mandate given by the rakyat is carried out in an orderly manner.
Sometimes painful decisions will have to be made and it is still the early days.
Citizen Supremacy: Some of the comments are missing the woods for the trees. There's more here in what meets the eye. Ask these questions:
1. Was there a consensus in the Harapan cabinet on Khazanah shake-up?
2. Was it a unilateral decision made by the PM?
3. Has the PM got it wrong in assuming Khazanah is to serve the bumiputera agenda and not PNB?
4. Why is Azmin roped in to be on Khazanah board and not Finance Minister Lim Guan Eng?
5. Whatever happened to Harapan's manifesto of not having politicians and politically-appointed people to manage GLCs and GLICs?
6. Why is Mahathir adamant about taking control of Khazanah?
7. Is he going to use it to kick-start another automobile project?
These are some of the questions that need to be contemplated and answered.
Speaking Sense: As a firm supporter of Harapan, I am very disappointed, particularly with DAP and PKR, for allowing Mahathir to deviate so much from what we voted for.
It is time for them to show some gumption and speak up against the signs of excesses and folly (another national car!) of one man.
Clearwater: What is Mahathir really up to? What is going to happen to Khazanah?
The return of crony capitalism is certainly not acceptable. It must be resisted with the vigour we have in fighting corruption.
Goks: I started disliking Gunasegaram's articles post-GE14 as he kept picking on the lack of PKR and DAP seats in proportion to Bersatu. That was a stupid argument as we want the best regardless of political party.
However, this time I am in agreement with Gunasegaram. Picking on RM1.5 billion loss in investment while not looking at how well Azman and team have done to grow Khazanah is childish.
Such loss is normal for any sovereign wealth fund. Look at Singapore and the mega write-offs it has done since the 2008 economic crisis.
We need more facts on Mahathir’s game plan, and I don't like what I see so far.
Yoursay: Dr M as Khazanah chairperson - welcome to new old M’sia?
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