GLCs ROLE MUST BE REVIEWED, SAYS MAHATHIR

KUALA LUMPUR, July 9 (Bernama) -- The role of government-linked companies (GLCs) must be reviewed to find out whether they are still serving their original purpose, says former prime minister, Dr Mahathir Mohamad Thursday.

"We have to find out. Obviously many people are not happy with what the GLCs
are doing.

"We seem to be copying Singapore all the time," he told reporters after the
live telecast by Radio Television Malaysia (RTM) of the third series of the "Our
10th Malaysia Plan Forum".

The role of GLCs have changed from their original purpose, he said.

In the past, there were no GLCs, Khazanah and PNB to safeguard
Bumiputera (sons of the soil) shares, he said.

"When we gave shares to Bumiputera, they sold their shares to make profit,
So, we formed PNB to save their shares in an organisation in the form of unit
trust.

"Khazanah meanwhile was formed to keep all the shares bought by Bumiputeras
to ensure that the shares allocated to Bumiputeras do not go missing.

"The equity held by Khazanah was the reason that made the 20 per cent
Bumiputera equity a reality," he said.

Meanwhile, on the Vision 2020, he said it could be difficult to achieve
given the current "internal and external problems."

However, it could be achieved if there is a change in strategy, he
added.
-- BERNAMA