KUALA LUMPUR, Nov 4 — MPs today proposed a rigorous and systematic rationalisation of statutory bodies, government-linked companies (GLCs), and government-linked investment companies (GLICs).
The proposal included calls for robust governance and a requirement to present financial or investment reports of public interest in Parliament.
Referring to recent investment losses by Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB) amounting to RM43.9 million in FashionValet Sdn Bhd, several MPs raised concerns over the governance and management of statutory bodies, GLCs, and GLICs, which they argued must be addressed immediately.
Dr Kelvin Yii Lee Wuen (PH-Bandar Kuching), during the policy-level debate on the Supply Bill 2025 in the Dewan Rakyat, said issues affecting statutory bodies or government agencies, GLCs, and GLICs involve not only public financial losses but also governance and accountability in managing these agencies.
“All major GLC and GLIC investments or financial statements should be presented and discussed in Parliament, especially by the Special Select Committee on Finance.
“If possible, we should establish a Special Select Committee for GLC and GLIC Reform… There must be safeguards in place and rigorous monitoring. As I mentioned, profit and loss are part of investment, but waste can be minimised as it involves public funds,” he said.
He added that rationalising statutory bodies and GLCs in Malaysia offers valuable opportunities to enhance efficiency, accountability, and service delivery in the public sector.
Meanwhile, Datuk Awang Hashim (PN-Pendang) urged the government to refine governance related to investment approvals by GLICs, given the use of public funds.
“The investment losses of Khazanah and PNB in FashionValet, amounting to nearly RM43.9 million, is a significant sum in the context of trust funds, where merely apologising and resigning would not suffice.
“This is a governance issue that requires government scrutiny, as the matter of governance was raised by the Prime Minister (Datuk Seri Anwar Ibrahim) during the tabling of Budget (2025),” he said.
The issue of governance was also raised by Datuk Mas Ermieyati Samsudin (PN-Masjid Tanah), who urged the government to ensure public funds are spent responsibly.
The sitting resumes tomorrow.
— Bernama
