Tenaga Nasional Berhad is a government-linked company (GLC) and one of the largest listed entities on the KL Stock Exchange. – The Malaysian Insider file pic, June 20, 2015.
Serdang MP Dr Ong Kian Ming (pic, right) said that Energy, Green Technology and Water Minister Datuk Seri Maximus Ongkili had not revealed on Thursday the terms of purchase of Project 3B, saying it was on a “willing-buyer-willing-seller” basis.
Ong said this was unacceptable given that 1MDB was a 100% Finance Ministry-owned company and the subject of national and international headlines.
TNB meanwhile is a government-linked company (GLC) and one of the largest listed entities on the KL Stock Exchange.
Additionally, the haphazard fashion in which the minister made the announcement – where Putrajaya had not even notified TNB of its decision – created massive uncertainty in the stock market and caused TNB’s share price to drop by 50 sen from RM13.10 to RM12.60 that day due to fears TNB was being asked to “bail out” 1MDB.
Ong said that only after TNB CEO Azman Mohd came out with a statement reassuring the public that TNB would not pay a premium for 1MDB’s 70% stake in Project 3B did the share price of TNB recover to RM12.86 the next day.
"For the sake of transparency and in order to reassure the markets, the minister must disclose or ask TNB to disclose the terms of the agreement between TNB and 1MDB over the sale of Project 3B," the lawmaker said in a statement today.
He added that the minister could not wash his hands of the TNB-1MDB Project 3B agreement using the “willing-buyer-willing-seller” excuse as the project's licence was under the Energy Commission.
According to Ong, the Energy Commission had the right to fine 1MDB for not being able to start Project 3B on time, and also the right to transfer the licence to TNB.
According to Ong, the Energy Commission had the right to fine 1MDB for not being able to start Project 3B on time, and also the right to transfer the licence to TNB.
He said those in the electricity generation business such as the licence holders must know if the Energy Commission was willing to impose harsh fines on those who failed to live up to the terms in the licensing agreement.
"Without these details being made public, other licence holders may think they can ‘get away’ with delays and shortcuts in the fulfilment of the licensing agreement," he said, adding that these reasons must compel the minister to make a full disclosure of the takeover.
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