Professor, Terence Gomez, Professor of Political Economy at the Faculty of Economics & Administration, Universiti Malaya in an article says, “GLCs have been used to aid the vested interests of power elites in three ways: first, to channel government generated concessions to key constituencies to garner electoral support.
Second, to allow for the appointment of politicians to the boards of GLCs to sustain party support. Third, to offer lucrative directorships to pre-empt party hopping, a point that Mahathir argues caused the fall of his government. Since GLCs are major enterprises that play a crucial role in the economy, the need for these massive number of board changes has to be questioned as they are extremely disruptive. When GLCs have to be productively employed to prop up an ailing economy, further undermined by the Covid-19 pandemic, they remain mere tools to preserve and consolidate power. This arrangements of using the GLCs initiated by Mahathir was further abused by Najib.
While Mahathir had the opportunity to put a stop to it, the allowed it to continue and further abused it to draw UMNO members to jump to his Bersatu party. Now after his treachery back fired and the government stolen by Muhyiddin Yassin and Azmin Ali, they both control the Ministry of Finance and Economy and have given out many GLC chairman post to members of parliament to buy his 114 number of supporters in parliment…Think what will happen to our economy if these corrupted bunch are maintained in power….
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