Putrajaya plans law to tighten oversight of govt-owned firms

Prime Minister Anwar Ibrahim has announced plans to introduce legislation aimed at tightening oversight of government-owned companies and statutory bodies. The proposed law is a response to scandals such as 1MDB, as well as issues involving Tabung Haji and Felda. 1MDB, a sovereign wealth fund, was allegedly misappropriated of billions of dollars, leading to investigations and legal proceedings in multiple countries.

Felda, a state-owned plantation company, has been facing significant losses due to mismanagement and political interference, with Anwar Ibrahim himself reporting annual financial burdens on the government. Tabung Haji, a fund managing pilgrim contributions, has been recommended for a major overhaul by a royal commission of inquiry, including stricter oversight, forensic audits, and limitations on political influence.