PKR expressed support for the controversial Darul Ehsan Investment Group (DEIG) but said check-and-balances need to be in place.

"Yes," PKR secretary-general Rafizi Ramli told reporters when asked if the party supports DEIG.

He said the DEIG issue was a blessing in disguise although it was initially raised by PKR’s opponents to divert attention from the RM2.6 billion donation made to Prime Minister Najib Abdul Razak.

"It opens up an avenue where we can point out that not only DEIG, (but) I think the model of state investment in this country has to be relooked in entirety, so we want to make sure the checks-and-balances are in place," he said.

PKR has discussed DEIG during its political bureau meeting which deputy president and Selangor Mentri Besar Mohamad Azmin Ali attended, he said.

Beside check-and-balance, PKR indicated to Azmin that the DEIG board should be able to make decision independently based on the best public interests.

"We want to make sure no excessive influence of the executive can be made (in) decisions for the public," he said.

He also opined that DEIG's annual report be tabled at the state assembly sitting.

DEIG is an entity to be placed under Selangor’s Menteri Besar Incorporated (MBI), an investment arm to manage the state’s corporate assets.

DEIG drew flak from BN who said the newly set-up entity could be a channel to abuse public funds.

Same dilemma

"It is incumbent upon PKR and leadership of state government to prove to the public that our governance is a lot better," Rafizi said.

Rafizi, who is also Pandan MP, said the party will make proposals to the state on how to further strengthen DEIG.

The Selangor government is led by Menteri Besar Azmin Ali, who is also PKR deputy president.

"Hopefully with benefit of hindsight, we can put all this governance process ahead of DEIG becoming operational.

"It would make sure the checks-and-balances would be in place to allay the fears of the public," he said.

When asked why not a revamp of the state-owned MBI and its subsidiaries, he said there is a need to balance between being answerable to the legislative while being able to conduct corporate activities unhampered.

Cited Petronas as an example, he said the national corporation should be able to make decisions fast but is also governed by rules and regulation. It should be answerable to Parliament to ensure it behave responsibly as a corporate entity.

"I think, this is the same dilemma with MBI" he said. "The benefit of DEIG is that we can put all this in place before it commences business," he said.

"The interest is not just with Selangor. If DEIG can function well, bring in returns yet be fully accountable to state assembly, public and state government, it perhaps will be a model for other states to adopt to strengthen the governance of their state-owned companies," he said.

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