Malaysiakini News

Heads to roll from more than 100 MOF Inc firms, says report

Published:  |  Modified:

More top executives with Ministry of Finance Incorporated (MOF Inc) companies are expected to resign, including those sitting on the boards of Keretapi Tanah Melayu Bhd (KTMB) and Malaysia Rail Link Sdn Bhd (MRL).

Quoting sources, The Star Online reported that Putrajaya had given “clear directions” for all political appointees on the boards of directors of these companies to resign.

However, government officers will be spared.

“This directive covers more than 100 companies under MOF Inc and includes the likes of KTMB and MRL.

“The boards will only have two or three directors (left), at best, to maintain the quorum,” a source told the daily.

According to the Treasury website, MOF Inc is the majority shareholder of 68 companies. It owns a further 150 companies through indirect means.

Other companies quoted in the report are Indah Water Konsortium Sdn Bhd (IWK), Prasarana Malaysia and Syarikat Perumahan Negara Bhd (SPNB).

KTMB chairperson is Umno politician Nawawi Ahmad, who ran against now Prime Minister Dr Mahathir Mohamad for the Langkawi seat and lost.

Former Treasury secretary-general Irwan Serigar Abdullah (photo) chairs MRL while former Dewan Negara speaker Abu Zahar Ujang chairs IWK.

Former Inspector-General of Police Khalid Abu Bakar chairs Prasarana while Umno’s Mersing MP Abdul Latiff Ahmad chairs SPNB.

Malaysiakini has reached out to all companies named for comment.

IWK responded saying all decisions with regards to company structure are under the purview of MOF Inc as well as the Water, Land and Natural Resource Ministry.

These resignations are expected to create more than 700 vacancies but the government might not seek to fill all of them, according to the report.

“There will be some replacements but not all board positions would be filled up,” a source is quoted as saying.

MOF Inc itself to be dissolved?

Furthermore, the report claimed that the Pakatan Harapan government is seeking to dissolve several entities, including MOF Inc itself.

“Apart from MOF Inc, they included companies leading the development in the southern, northern, eastern and Sabah corridors,” the report states.

Last week, nine members of MOF Inc-owned Khazanah Nasional Bhd’s board of directors quit en masse to “facilitate a smooth and orderly transition under the new government”.

They have since been replaced with Mahathir at the helm and Economic Affairs Minister Mohamed Azmin Ali as one its directors.

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