Rafizi files emergency motion on Edra sale
Rafizi Ramli (PKR-Pandan) has filed an emergency motion urging Prime Minister Najib Abdul Razak to cancel plans to sell 1MDB's holdings in Edra Global Energy Bhd to a Chinese-Qatari consortium.
The PKR lawmaker is hoping to debate the emergency motion on Wednesday.
"The federal government's proposal is against existing regulations which limit equity holdings by foreign investors in the energy sector to a maximum of 49 percent, for national interests," Rafizi said in a statement today,
He made the motion based on a letter from the Energy Commission dated Sept 11, which said it had no objection to the 100 percent share sale.
"The commission met on Sept 6 and discussed this matter while taking into account the government's liberalisation agenda, the practice of other countries, and the impact foreign investor involvement will have on the sector.
"As such, the commission has no objection to the plan by the Finance Ministry to allow Edra to relinquish 100 percent of its assets to foreign investors," the Energy Commission letter sighted by Malaysiakini said.
Liquidating Edra is one of several measures the government is taking to resolve 1MDB's burgeoning debts.
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