Khazanah, Petronas and PNB proposed to be moved to PM's Dept

There are proposals for key government-linked companies (GLCs) namely Khazanah Nasional, Petronas and Permodalan Nasional Bhd (PNB) to be moved to the Prime Minister's Department.

However, it is unclear how much oversight Prime Minister Dr Mahathir Mohamad will have over these GLCs that were previously under the Minister of Finance (MoF) Inc.

A list sighted by Malaysiakini stated that the GLCs will be placed under the Prime Minister's Department, meaning that ministers in that department could oversee the firms.

However, The Star reported today the three will be placed under the Prime Minister's Office, which is directly under Mahathir.

Malaysiakini understands that the reshuffle of control over GLCs and government agencies has not been finalised yet, as some of the changes are being contested by various quarters within the ministries.

What is clear, however, is that Khazanah, Petronas and PNB will not likely be placed under Economic Affairs Minister Azmin Ali, who was supposed to take over MOF Inc companies, as previously expected.

However, Azmin looks set to gain control of agencies that were previously under the Prime Minister's Department, namely the Economic Planning Unit (EPU) and Felda.

Mahathir had earlier this month said Khazanah had strayed from its objective of enriching bumiputeras by enriching itself instead.

He was also previously the Petronas advisor before being sacked in 2016 as his rivalry with former prime minister Najib Abdul Razak intensified.

Finance Ministry's importance reduced?

Pakatan Harapan in its election manifesto had stressed that the prime minister could not hold other portfolios, especially the Finance Ministry.

This was meant to hinder corruption and abuse of power - which Harapan alleged occurred when Najib held the finance portfolio.

In the past two weeks, questions have also arisen as to whether the Finance Ministry portfolio has been reduced in importance.

This arose after Mahathir answered a question on behalf of the Finance Ministry in Parliament last week.

MCA deputy president Wee Ka Siong has also alleged that the Economic Affairs Ministry is now more powerful than the Finance Ministry.

Azmin and Finance Minister Lim Guan Eng have rubbished such notions.

The Star also reported that there are plans to dissolve MOF Inc.

It said this could have serious implications as MOF Inc is a major shareholder in many companies. -Mkini