KUALA LUMPUR, August 5 — MCA deputy president Datuk Seri Wee Ka Siong accused Prime Minister Tun Dr Mahathir Mohamad today of rewriting history by restructuring Khazanah Nasional as a Bumiputera-centric sovereign wealth fund.
Wee criticised Dr Mahathir for making it appear as though Khazanah is solely meant to help Bumiputeras, saying it was always meant for all Malaysians.
“This new announcement essentially duplicates the role of Permodalan Nasional Berhad,” Wee said, referring to the government-linked investment company set up in 1978 as part of efforts to encourage Bumiputera participation in the economy.
He provided several other reasons as to why the restructuring is controversial, firstly disputing Dr Mahathir’s claim of Khazanah deviating from the Bumiputera agenda.
“Clearly it can all be chalked up as his ‘personal agenda’,” Wee said, adding that it would deviate Khazanah from its original intentions of managing the government’s selected commercial assets and making strategic investments for the country.
He also said Economic Affairs Minister Datuk Seri Azmin Ali was unaware of the billions of ringgit in profit from Khazanah’s investments or its role in cushioning Malaysia Airlines’ losses.
“Azmin’s reasoning of putting Khazanah back on track is far-fetched. What exactly warrants its restructuring?” Wee said.
The Ayer Hitam MP also voiced scepticism as to whether the Cabinet had discussed the basis of Dr Mahathir’s takeover of Khazanah’s leadership, of if they simply conceded to it.
“On what basis did they agree to his self-appointment? At least appointing Datuk Shahril Ridza Ridzuan as Khazanah’s managing director makes sense, since the Employees Provident Fund under him yielded an average annual dividend of 6.42.
“This is unlike the rampant crony-capitalism phenomenon during Dr Mahathir’s first tenure, where he bailed out mismanagement after mismanagement using money from Khazanah Nasional,” Wee said.
Appointing Dr Mahathir as Khazanah chairman contradicts Cabinet members’ pledge to restrict the Prime Minister’s powers, said Wee.
“It has been derailed into advocating the power grab of the Prime Minister. Where is the Cabinet’s spirit of collective responsibility when he self-styled himself into a position of power with zero regards to them?
“What about your vows to check-and-balance Dr Mahathir’s reign and restrict his Prime Minister’s power?” Wee asked.
Wee noted that PH component party DAP has thus far remained silent about Khazanah’s new Bumiputera direction.
“If such an announcement was made in the past when they were the opposition, DAP would have complained bitterly about this but now they are completely silent.
“The actions are unjustifiable and reeks of a failed former leader who covets the over-proliferating sovereign wealth fund. As of now, we are on the highway back to the despotic era of unbridled cronyism and nepotism,” he said.
On Monday, the government announced Dr Mahathir will chair Khazanah’s board filled with new members.
This was after its then-managing director Tan Sri Azman Mokhtar and eight other former board members resigned, when the PM criticised them several weeks ago.
