All of Darul Ehsan Investment Group's (DEIG) business decisions will be made by Selangor's selection, tender, audit, and investment committees, the state government assured.
Shah Alam also assured that DEIG's yearly financial statements, to be consolidated under Menteri Besar Inc (MBI), will be publicly available via the Companies Commission.
"The Menteri Besar Selangor (Incorporation) Enactment 1994 will also be improved to ensure that all financial reports consolidated under MBI including DEIG's will be tabled in the state assembly," the state government said in a statement today.
It added that the Public Accounts Committee and Selangor's Select Committee on Government Agencies, Statutory Bodies and State Subsidiary Companies (JP-Abas) will have access to monitor DEIG's financials and management.
The statement sought to address concerns from assemblypersons from both sides of the political divide that the company lacks check and balance.
Healthy business environment
DEIG was reportedly set up in December last year and launched in May this year to manage the investments of MBI's subsidiaries.
It has an authorised capital of RM10 million and is reportedly governed by a board of directors including Menteri Besar Azmin Ali ( photo ), state secretary Khusrin Munawi, the state financial officer, MBI's chief executive officer and chief operations officer. The board is backed up by strategic investment experts.
In the statement, Shah Alam also rubbished notions that government should stay out of business.
"Government should involve itself in strategic sectors such as affordable housing, public health, clean water supply, and others," it said.
It added that the state government will also ensure the existence of a healthy business environment.
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