KUALA LUMPUR, Oct 21 ― PKR’s Rafizi Ramli will ask Parliament to bar Tenaga Nasional Bhd (TNB) from offering more than RM8 billion for 1Malaysia Development Bhd’s (1MDB) energy facilities to prevent the utility from overpaying for the assets.
The Pandan MP acknowledged that TNB was a publicly-listed entity entitled to its own business decisions, but insisted that Dewan Rakyat’s involvement was necessary to avoid possible abuse of the government-linked corporation’s funds, which he said was “owned by the people”.
“I will file a motion in Parliament next Tuesday to set a ceiling price of RM8 billion for TNB to purchase assets from Edra Energy because we don't want public funds to be used to bail out 1MDB,” he told reporters in a press conference at the Parliament lobby today
“I understand is up to TNB. It is a purely commercial decision but however regardless how TNB wants to go through this independently, the public expects some scrutiny on this decision,” Rafizi added.
He said his motion is expected to appear in the Order Paper on November 10.
TNB is believed to be one of three reported bidders for 1MDB’s Edra Energy unit.
The energy utility is, however, tipped to win the bid due to local regulations on foreign ownership, which limit non-Malaysians to no more than 49 per cent direct equity in local firms.
1MDB parked the power assets that it purchased for RM12 billion under Edra Energy and is currently looking to dispose of the unit as part of its debt rationalisation plans.
