YOURSAY | ‘Terence Gomez’s piece gives some insight on the political rain pouring on the GLCs.’

COMMENT | How Muhyiddin consolidates power through GLC appointments

Saving TunDrM: This is a good write-up by Terence Gomez. But he left out several government-linked companies (GLCs), for example, the Armed Forces Pension Fund (LTAT) and one of the key companies it owns, Boustead Holdings Bhd.

The discontent among LTAT stakeholders can be heard, judging from veterans group Patriot's loud complaint on Boustead Holdings’s subsidiary Boustead Heavy Industries Corp Bhd’s (BHIC) freefalling share price and its handling by CEO Amrin Awaluddin. Changes are overdue.

While LTAT's chief executive and technocrat appointee Nik Amlizan Mohamed has done a commendable job cleaning up the organisation post-BN, board members and political appointees, Maznah Abdul Jalil and Akhramsyah Sanusi, are such huge question marks.

How qualified are they to sit alongside established army generals and experienced investment managers in LTAT? How did they even get appointed there, and then even deep inside their subsidiaries, in the first place?

And why is Boustead Holdings looks like it is now in a complete mess? Many analysts have said that it's technically bankrupt. Under CEO Amrim, the company has not gotten better, but much worse and possibly recording its worst-ever financial performance, losing more than RM1.2 billion.

This is the Army Pension Fund we talking about. Army personnel are among the frontliners who are saving our lives by helping to enforce the movement control order (MCO). And this is how we repay them?

Anonymous #37634848: Terence Gomez’s piece gives some insight on the political rain pouring on the GLCs. GLCs should be run by competent professionals. Maybe the Articles of these companies should be rewritten to bar political appointments on their boards.

The rakyat, especially all the experienced professionals, should get involved in this process of reforming the GLCs.

Redmann: There are no suitable laws - yet - to stem, discourage, outlaw and control abuses. The existing laws are promulgated by vested interests. Therefore, there is no cure for this recurring malaise.

Trite as it may sound, these lawmakers are like the wolf discussing dinner plans at a chicken coop while feigning protection and safety.

If Najib Abdul Razak is proven to be a kleptocrat based on the means, opportunities and motives at his fingertips, then I would imagine his proven wrongdoing to be the tip of the iceberg considering the wealth these GLCs control under the new government.

Rasa Sayang: Good work, Terence. Thank God, we still have many smart and sharp people around to call out the foolish behaviour of our 'smash and grab' politicians.

Anonymous 770241447347646: Whether this nation rises above this Covid-19 debacle or even manage to recover after the virus is brought under control is now decided by the politicians.

They will be held responsible if mistakes are made. Blame cannot fall on anybody else.

Bersatu or Umno can keep on playing politics. They can make sure of putting loyal followers into positions in the GLCs or even any government statutory bodies instead of finding capable individuals.

If anything goes wrong, or these companies fail in any way to perform, it will affect the Malays the most.

GLCs need professional people to find ways of how to bring in business and also manage them professionally.

Professionals and politicians are two different kettles of fish. Both will manage their duties in a different manner. Professionals will think of profits and management as their priority. Politicians will think of protecting their supporters and their future positions.

There are many capable Malay professionals in various fields. They have proven their capabilities.

If politicians who have no capability or experience replace the professionals, there is a good possibility that in time these GLCs will needing government bailouts like as in the past.

And there is not much monies left in the Treasury. For this year and next, there will be a serious shortage of finances as taxes collected will be reduced.

Vgeorgemy: We do believe that GLCs are major enterprises that are formed to play a crucial role in the economy, mainly to assist small and medium enterprises (SMEs).

The SMEs traditionally depend on the GLCs in their day-to-day marketing and credit facilities at affordable rates and means. The current exercise of the massive number of board changes would bring forth incredible disruption in disbursing essential benefits to its constituents.

We are confident that such disorder due to the political patronage system in the marketing and distribution of traditional markets would have to be replaced by the efficiently-run technology-based companies dominant in the e-commerce and payment platform systems.

It would make the Ministry Rural Development and Ministry of Entrepreneur Development redundant in the near term. The new electronic market places are divided into e-commerce and e-payment platform systems.

E-commerce is trading in products or services conducted via computer networks such as the Internet. An e-payment system is a way of making transactions or paying for goods and services to deal with e-commerce by its customers without the use of checks or cash. It’s also called an electronic payment system or an online payment system.

The extended MCOs will force the population, the providers as well as the consumers, to familiarise with the e-commerce and payment system.

The consumers can connect their credit/debit cards with e-platforms for the ease of transactions and also to weather the MCO period. The public must accept and embrace such innovative ideas to beat the current patronage system to avoid massive wastage of our public wealth.

ZunNuun: Muhyiddin may seem quiet, reserved, uninspiring and uncharismatic. But I am very surprised at how smart and cunning he has been in dealing with the very difficult political situation he is in.

First, he has been very successful in excluding Umno leaders Ahmad Zahid Hamidi, Najib and the crooks from his cabinet. At the same time, he brought Zahid's rivals into his cabinet, people like Khairy Jamaluddin and Hishammuddin Hussein. This is really like killing two birds with one stone.

Second, while he has rewarded Azmin Ali with a senior minister role, he has actually also clipped Azmin's power by giving him a lesser ministry. A brilliant move again.

Third, he appointed Abdul Hadi Awang as the minister-envoy. By doing so, he will gain much-needed support from PAS, and he did that by sending Hadi out of the country. Brilliant, isn't it?

Now as highlighted by Terence in this article, he is consolidating his and Bersatu's position using the GLCs. This is very essential if he were to really succeed in preventing Najib and the kleptocrats from ever returning to power.

Najib must be quite worried. Former prime minister Dr Mahathir Mohamad must be quite impressed. And Pakatan Harapan leader Anwar must be hitting his head against the wall, time and again.

EmEmKay: Millions of Malaysian and foreign workers are likely to lose their jobs but it looks like the PN government is more concerned about its vote of confidence on May 18 rather than the economy.

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