Three GLCs suffered losses between 2005-2009, says Najib

THREE government-linked companies (GLCs) owned by Khazanah Nasional Bhd suffered losses between 2005 and 2009, said Finance Minister Datuk Seri Najib Tun Razak.

Najib, who is also Prime Minister, said this in his written reply to Er Teck Hwa (DAP-Bakri).

Najib, however, did not name the companies, which were also listed under the GLC Transformation Programme.

He added that the losses were incurred due to the challenging business environment caused by the increase in oil price, drop in demand of products and depreciation of investments.

“These are external factors and it is unfair for action to be taken against the board of directors of these GLCs for the losses,’’ he said.

Najib added that all GLCs did not receive any financial bailout from the Government.

“If there is any financial aid, it is an incentive based on guidelines and policy of the Government to improve the industry,’’ he said.

Separately, at a press conference in the Parliament lobby, Charles Santiago (DAP-Klang) called for a White Paper to be tabled in Dewan Rakyat over Felda’s dwindling cash reserves; its new RM662mil office and its investments in other states.

Reports have also be lodged with the Malaysian Anti-Corruption Commission over the dwindling cash reserves.

The Star - 25.06.2010

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