Summary
- Government proposes stricter laws governing GLCs and investment agencies.
- GLICs commit RM120 billion to domestic investments from 2024 to 2028.
- Anwar defends higher development allocations for Sabah and Sarawak.
KUALA LUMPUR, November 12 โ Prime Minister Anwar Ibrahim announced plans for stricter governance laws covering government-linked companies (GLCs) and investment institutions.
To prevent financial mismanagement. Anwar told Parliament that government-linked investment companies had committed RM120 billion to domestic investments between 2024 and 2028.
Supporting housing, infrastructure and economic development. He defended their involvement in public projects, citing Petronasโ role in developing Putrajaya and housing initiatives.
For civil servants and students. Anwar also justified higher development allocations for Sabah and Sarawak, citing infrastructure gaps and geographical challenges.
While stressing the importance of transparent procurement and financial accountability. He said investment decisions must remain under professional management without political interference.
While subsidiaries should face stronger oversight. Anwar also acknowledged losses from overseas investments, including Londonโs Battersea Power Station project, calling for greater scrutiny to protect public funds.
