The "absolute powers" vested in the finance minister through the Financial Procedures Act 1957 must be reviewed as it provides room for corruption, said former finance minister Tengku Razaleigh Hamzah.
The veteran Umno leader said the loopholes in the act allows the minister to award contracts to any parties through direct negotiations.
"If we want to control corruption, we must look into Financial Procedures Act. The Financial Procedures Act gives absolute power to the finance minister, through the Parliament," Tengku Razaleigh, popularly known as Ku Li, told a press conference today.
"There are many loopholes there. For example, direct negotiation. That is the finance minister's power. You come to my office, tell me you want to construct a bridge, and I could give you the project as the finance minister."
The Gua Musang MP said this was unethical as the government was accountable to the people, and reminded Putrajaya that the wealth it managed did not belong to their "mother and father".
"This is the people's money which we collected through tax. We can't just use it as we please. We have to use the correct methods, and the best method is through open tender."
MORE TO COME
- TMI
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