Directors of MoF companies shown the door

PETALING JAYA (August 1): For the Minister of Finance Inc (MoF Inc), holding company of the Ministry of Finance, changes in boards of directors has begun.

The Star quoted sources who said that clear directions from Putrajaya are for all board members —except those held by government officers — to resign. 

“This directive covers more than 100 companies under the MoF and includes the likes of Keretapi Tanah Melayu Bhd (KTMB) and Malaysia Rail Link Sdn Bhd (MRL).

“The boards will only have two or three directors at best to maintain the quorum,” said the source.

Already tendering their resignations are the non-MoF appointees on the MRL board. Other boards, mostly headed by politicians or retired civil servants, are expected to see resignations tendered over the next few weeks. 

MRL is the company tasked with the railway project from Gombak to Kota Bharu.

Other companies under the MoF Inc are Indah Water Konsortium Sdn Bhd (IWK), Prasarana Malaysia Bhd, and Syarikat Perumahan Negara Bhd.

IWK chairman is Tan Sri Abu Zahar Ujang, former Dewan Negara speaker. Datuk Nawawi Ahmad, who is the former MP of Langkawi, heads KTMB.

With over 150 companies within its jurisdiction, and direct major shareholdings in 68 companies, the directive will lead to over 700 vacancies that are unlikely to be filled up. 

“There will be some replacements but not all board positions would be filled up,” a source, reported the Star.

Khazanah Nasional Bhd is also under MoF. 

Nine Khazanah board members resigned last Tuesday, including managing director Tan Sri Azman Mokhtar who has held the position since 2004.

The new board includes Prime Minister Tun Dr Mahathir Mohamad and Economic Affairs Minister Datuk Seri Azmin Ali.

A process of review will also determine entities to be dissolved.