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Saturday, August 22, 2015

Pua: No 1MDB for Selangor investment arm

MP calls for proper systems to make sure DEIG does not become like Najib's brainchild
toby,dieg
PETALING JAYA: The DAP’s Tony Pua has urged the Selangor state government to ensure its new investment arm Darul Ehsan Investment Group does not suffer the same fate as the controversial 1Malaysia Development Bhd.
He welcomed the state government’s attempt to consolidate its assets under a single special purpose vehicle, to rationalise overlapping and duplication of investments, as well as to reduce the number of its many loss-making subsidiaries.
Darul Ehsan Investment has come under public scrutiny since it was revealed that the group would take over RM30 billion in state government assets now being held by Menteri Besar Incorporated.
News reports have revealed that DEIG was incorporated as a RM2 company, with its shares held by its two directors, who are at the same time the chief executive and chief operating officer of Menteri Besar Incorporated.
Barisan Nasional spokesman Abdul Rahman Dahlan said reports about DEIG were more disturbing than reports about a RM2.6 billion “donation” deposited in the personal bank account of Najib Razak.
Pua, who is MP for Petaling Jaya Utara, described Abdul Rahman as having gone “completely bonkers”, and said the value of assets to be held by DEIG, after consolidation, amounted only to RM6.3 billion.
He also reminded Abdul Rahman that the figure represented the value of “assets” owned by the state, and not “a mysterious RM2.6 billion foreign donation into the personal account of the Prime Minister for completely unknown expenditures”.
Pua, the DAP’s publicity chairman, said DEIG should not attempt to become another state-owned corporate behemoth which would usurp the functions of the state government or unfairly crowd out private sector investments.
He said DEIG must not attempt to use state government leverage to privatise, take over and monopolise activities such as rubbish collection, not only usurping the powers of local councils but also removing business competition.
Pua said DEIG must avoid the fate of 1MDB where, there was a complete breakdown of good corporate governance, with decisions being influenced by outside parties, despite 1MDB having seemingly competent chief executives, the Prime Minister as chairman of the board of advisors and many directors selected from leading government-linked companies.
He alleged that all decisions in 1MDB were given written approval by Najib himself, without the knowledge of the Cabinet.
“Proper and sufficient checks and balances must be put in place to ensure that powers are not abused by anyone involved in DEIG and state funds are never embezzled for private or political party purposes,” Pua said.

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