Call to allow ‘right’ people to head GLCs

22 May 2020 / 14:30 H.

GEORGE TOWN: The Perikatan Nasional federal government should allow technocrats to helm government-linked companies (GLCs) as their expertise and experience is needed to revive a shaky economy caused by the Covid-19 pandemic.

“We do not just need quality medical personnel; we need experts who can revive the economy,” said PKR strategic planning director Sim Tze Tzin.

Sim said the recent appointment of politicians to helm GLCs was not sending the right signals to the markets and investment communities.

GLCs are mainly set up for a specific purpose to generate growth in market segments such as energy, telecommunications, industrial and farming as well as to boost domestic consumption, Sim said in an interview.

“Now more than ever, they are needed to inject confidence and funds into the economy to boost cash flow as well as to alleviate the burden faced by the people owing to rising living costs and disruptions to the global supply chain,” he said.

When politicians are appointed to oversee a GLC, some in such positions may use it mostly for political mileage rather than to boost the economy, he added.

There are previous examples from the allegations of abuse in Tabung Haji to Felda and the mega-scandal involving sovereign investment fund 1MDB.

Sim said the federal government should be focusing 100% on economic recovery instead of consolidating its hold on the country.

“Politics is secondary for now. The lives and health of the people are more important. Equally, is their livelihood which may now be compromised due to the ill effects of Covid-19,” Sim said.

“Let the right persons do the jobs they had studied and slogged for.”

Sim said that it was difficult to ease Malaysia pass the possible recession as the virus has affected almost the entire planet, making global trade difficult.

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