YOURSAY ‘By right, the government should never compete with the private sector.’
Kim Quek: All the points advanced by Damansara Utama state representative Yeo Bee Yin are valid and correct, and these should be seriously considered and deliberated before putting Darul Ehsan Investment Group (DEIG) into operation.
First, the Selangor government must stick to the principle that its business involvement is not primarily for making profits and it should not operate and compete in a sector where private enterprises are already competent and thriving.
Second, it should improve management of existing state enterprises with greater entrepreneurship, professionalism, and checks and controls, for which the government may have to introduce greater controls and induce new talents based on competence.
An entity like DEIG should only be contemplated if there are enough professional talents to make it a success. Its operation should be independent and professionally run, free of political interference, while subject to the policy laid down by the state government.
Anonymous #19098644: I totally agree with the observations, analysis and recommendations by Yeo. It is about building institutions, processes, checks and controls that can stand the test of time and prevent future negative fallout.
Chin Tu Lan: Yeo, I fully agree with your suggestions and recommendations - the proper laws, policies and processes need to be enacted. Leaders come and go.
We cannot have another leader holding our country to ransom and abusing the power given to them. Enough is enough, we should learn from the fiasco of 1MDB, Port Klang Free Zone (PKFZ) and many more.
Hplooi: Getting the state government to actively invest and be involved in business is a recipe for disaster similar to the 1MDB ‘heist’. Such kinds of state instruments will become conduits for politicians to cash in on their political power.
By right, the government should never compete with the private sector but should act as a regulator to provide fertile soil and level ground for private business. That's why too, a huge surplus becomes a magnet for interested parties to unlock said funds.
Use the state surplus to invest in world class infrastructure and human resources rather than creating nexus with big business. The rest will follow.
Interested Bystander: Actually, GLCs shouldn't even exist.
Legit: We do not need any additional government agency to oversee the GLCs. Menteri Besar Inc (MBI) is more than enough for this purpose. What is surprising is the timing of this proposal.
Malaysians are up to their noses with the scandals of 1MDB and we do not want another animal in our midst for people in power to steal with impunity.
Yeo, you are one of the sensible Aduns to voice your objection on DEIG, and please get other Aduns to support you.
And tell Azmin Ali to better behave himself and not become another monster like the Bugis pirate.
Prudent: The government has no business to be in business, period. Azmin is also not an experienced businessman. He should stick to being a politician - an area where he has a better chance of advancing his career.
It would be sad if he were to morph into another businessman cum politician like his predecessor, Khalid Ibrahim, and leave himself open to being tempted and compromised.
With the furore over 1MDB, I would say that he has a lousy sense of timing. For him to form DEIG is a misstep from which he should work to recover politically, otherwise he will continue to lose public trust.
Selangor answers critics of investment entity
Ipoh PP: Why, oh why has Selangor got to get itself involved in an investment scheme? MB Azmin Ali, have we not had enough of 1MDB's problems? Now this. Just do your job as MB.
Are you taking a leaf from Najib? Just look after and run the state of Selangor efficiently. That's all you're supposed to do and that's what you are being paid for.
Onyourtoes: Just one simple question: DEIG will be following government procedures or private sector business procedures?
Investing government money using/following private sector business procedures is a recipe for disaster, trust me on this.
I have seen enough, in this country and worldwide. Take salary for example: they pay the CEOs of GLCs (government-linked companies) one million a year like those in the private sector, in the name of attracting talent.
But many of these CEOs in GLCs can't even earn RM30,000 a year anywhere. You get the drift?
Ketuanan Rakyat: Will Selangor and Penang introduce open tender system for all their projects which are funded by the state government to ensure we get the best price from the tenderers?
If that can be done, Selangor and Penang can show all Malaysians that they can rule Malaysia more effectively, unlike the Umnoputras who have been in power too long.
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