Report: Biggest firms may be moved out of Treasury control

Petronas, Khazanah Holdings, Felda, Tabung Haji among those speculated to come under Economic Affairs Ministry.

Some of the biggest government assets may be moved out of the Finance Ministry, according to the Straits Times.

PETALING JAYA: The federal government’s biggest companies and agencies, with control over assets worth billions of ringgit, are to be moved out of the finance ministry’s supervision to the new economic affairs ministry headed by Azmin Ali, according to a Singapore report.

The report said these included companies such as Petronas, the sovereign wealth fund Khazanah Holdings, and Perbadanan Nasional Berhad, which controls unit trusts and investments.

Other federal government units to be moved may include Felda (the Federal Land Development Authority) which oversees land settlements and owns the world’s biggest palm oil produced, Felda Global Ventures.

The pilgrimage fund, Tabung Haji, and other units and departments that oversee aid to Malay entrepreneurs will also be placed under Azmin’s ministry, according to the report in the Straits Times, which quoted unnamed sources.

The complex transfer of government companies is expected to require parliamentary approval of enabling legislation and amendments to existing legislation.

The report speculated that the move by the prime minister, Dr Mahathir Mohamad, to entrust Azmin with wide powers over the economy, would further stoke a rivalry between Azmin and PKR leader Anwar Ibrahim.

Azmin is deputy president of PKR. He and an ally, PKR Wanita leader Zuraida Kamaruddin, are both members of Mahathir’s cabinet, together with Anwar’s wife, Dr Wan Azizah Wan Ismail, who is deputy prime minister and women’s affairs minister.

Azmin and Zuraida were both absent from a compulsory meeting of PKR elected representatives last week. Azmin is in Saudi Arabia peforming the umrah, while Zuraida is in Europe on an official visit as minister for housing and local government.

The Straits Times said Azmin was regarded by analysts to be Dr Mahathir’s preferred successor.

Under a power-sharing arrangement within Pakatan Harapan, Anwar is to take over from Mahathir, but the prime minister has remained vague about the time frame for handing over power.

Anwar currently holds no Cabinet position, having been recently released from prison on a royal pardon.

Mahathir’s Parti Pribumi Bersatu Malaysia holds only 13 seats in Parliament, while PKR has 50, DAP 42, and Amanah 11. Pakatan Harapan also has the support of Parti Warisan Sabah (8) and UPKO (1) for a total of 125, three seats more than a simple majority.

PKR was denied a senior portfolio in the early jostling for Cabinet portfolios. Mahathir handed finance, home affairs and defence to the leaders of DAP, PPBM and Amanah, and education to PPBM.

Mahathir’s decision raised an angry response from PKR vice-president Rafizi Ramli who complained that PKR had been sidelined although it was the party with the largest number of MPs. FMT