Anwar: Politicians barred from GLIC, GLC project decisions

KUALA LUMPUR: Prime Minister Anwar Ibrahim has announced that politicians will be barred from participating in the decision-making process for projects and priorities of government-linked investment companies (GLICs) and government-linked companies (GLCs). The proposed Government-Owned Entities Bill aims to introduce stricter rules regarding corporate management, oversight of subsidiaries, and individual accountability.

Past cases involving 1Malaysia Development Bhd (1MDB), Felda, and Lembaga Tabung Haji have highlighted the necessity for improved governance systems. Anwar stated that political figures will not be allowed to interfere in the decision-making process, with projects to be decided by a specialized investment body of professionals with relevant expertise.

The Bill will impose strict regulations on GLICs and GLCs, emphasizing the strengthening of governance and accountability measures. During the tabling of the 2027 Budget, Anwar revealed that the proposed legislation would be introduced to enhance governance in entities responsible for managing public funds and assets. The Bill will apply to government companies and statutory bodies to prevent the recurrence of scandals such as the 1MDB, Tabung Haji crisis, and Felda.

Anwar emphasized that all loan repayments collected by federal statutory bodies, including education and business loans, must be utilized solely for approved purposes and target groups, along with the interest earned from these funds.