PM grip on GLICs remains despite reform pledge, new research suggests
The prime minister has consolidated indirect control of government-linked investment companies (GLIC) via appointments to key ministries, a study found.
(MMO) – The Institute of Democracy and Economic Affairs said in its GLIC monitor that this concentration of power in the PM’s hands took place after Tun Dr Mahathir Mohamad changed the “reporting line” of four ministries that effectively oversee the state’s biggest investment funds.
Of the four key portfolios — Finance, Economic Affairs, Rural Development, and Entrepreneur Development — two are held by members of Dr Mahathir’s Bersatu, the monitor noted.
Terence Gomez, the monitor’s head researcher, said the findings suggest the continuation of the patronage politics Dr Mahathir was previously accused of introducing.