Rafizi seeks to prevent 1MDB bailout by TNB

The Pandan MP will file a motion in Parliament next week.

KUALA LUMPUR: Pandan MP Rafizi Ramli announced today that he would file a parliamentary motion seeking to impose price caps on transactions involving public funds.

He told reporters that he would specifically ask Parliament to prevent Tenaga Nasional Berhad (TNB) from offering more than RM8 billion for 1MDB-owned Edra Global Energy Bhd.

He said he was anxious to prevent the use of public funds to bail out 1MDB.

“I have been in the corporate world and I understand that it is up to TNB to make a decision as long as it is an objective, commercial decision that it will add value to TNB,” he said.

“However, TNB is owned by the rakyat. We cannot allow TNB to be quietly used to bail out 1MDB.”

Rafizi said he would file the motion next Tuesday.

Early this month, TNB denied that there was any “external influence” in its decision to bid for Edra.

TNB CEO Azman Mohd said that the decision was based upon commercial considerations alone.

“We are free to decide on our own,” he said. “For us, it is a commercial decision. We follow all governance processes; and let me tell you, there is no imposition from any parties.

“Whatever decision made will have to go through the EGM.”