Fix MBI first, DAP MP tells Azmin

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Amid concerns raised over plans to park around RM25-30 billion worth of Selangor state government assets under newly-incorporated Darul Ehsan Investment Group Bhd (DEIG), DAP MP-Serdang Dr Ong Kian Ming has urged a review of current holding firm Menteri Besar Selangor Incorporated (MBI) instead.

In a statement today, Ong listed out a whole list of issues that need to be addressed at MBI and noted that if Selangor Menteri Besar Mohamed Azmin Ali is serious about wanting to model DEIG after Khazanah Nasional Bhd, the latter must address transparency issues first.

“A check with my colleagues in the Selangor state legislature confirms that the accounts of MBI were not tabled during the five-year tenure of (former MB) Tan Sri Abdul Khalid Ibrahim.

“If Azmin wants to reassure us that DEIG will be more transparent than Khazanah, the first thing he must do is to table the full accounts of MBI in the year end budget sitting, regardless of state of the consolidation and restructuring exercise under DEIG.

Dividends given by GLCs to Selangor state government 2004 to 2014. Reply to Ng Sze Han’s (N30 Kinrara) question in the Selangor DUN
Dividends given by GLCs to Selangor state government 2004 to 2014. Reply to Ng Sze Han’s (N30 Kinrara) question in the Selangor DUN
Dividends given by GLCs to Selangor state government 2004 to 2014. Reply to Ng Sze Han’s (N30 Kinrara) question in the Selangor DUN
Dividends given by GLCs to Selangor state government 2004 to 2014. Reply to Ng Sze Han’s (N30 Kinrara) question in the Selangor DUN

“After all, Khazanah publishes information regarding its portfolio’s performance as well as selected information regarding its balance sheet and income statement.”

Even more damning was the fact that MBI isn’t contributing to Selangor’s coffers despite holding key state assets, added Ong.

“I was surprised to learn that MBI has never made any contribution to the income of the Selangor state government via dividends.

“I was also surprise to learn that other than Kumpulan Semesta Sdn Bhd, which is the company overseeing mining activities in Selangor, none of the other state owned companies contributed any dividends to the state government from 2004 to 2014.

“In contrast, Khazanah announced a dividend of RM900 million in 2014 and has paid out accumulated dividends of RM7.4 billion since 2004.

“Needless to say, the same standards of transparency should be applied for DEIG.

“t is reassuring that Azmin has promised that the accounts of MBI will be tabled in the Selangor state assembly after the initial concerns regarding DEIG were raised.But this is just a first step of many in order to prove that the standards of transparency in MBI are indeed better than Khazanah’s.” – The Rakyat Post

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