Zaid throws sarcastic riposte at Zafrul over Blackrock

Zaid throws sarcastic riposte at Zafrul over Blackrock

Published: Jun 2, 2024 3:53 PM


Former law minister Zaid Ibrahim has challenged Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz over his defence of the government’s decision to allow Blackrock to own shares in Malaysia Airports Holdings Bhd (MAHB).

"I am mesmerised by the philosophy expounded by Zafrul when defending the government policy of allowing Blackrock to buy our airports.

"To put it simply, he says since many of us use Apple products, then we should not object to the airport's sale as Blackrock is the largest shareholder of Apple. ‘Where do you draw the line?’ he thundered.

"Hearing that, I feel sorry for him and the country," Zaid said on X.

He pointed out that a leader must know when to draw the line, complicated though the process may be.

"Life is full of hard choices and contradictions, especially regarding the pros and cons of anything affecting the country.

“Yet it’s incumbent for a leader to make hard choices between right and wrong… less harmful and more harmful. Weighing what is good and not so good for the country requires a leader to have a belief that a line (needs) to be drawn somewhere.

"I know that leaders who are parachuted from the sky to helm the country have difficulty knowing where to draw the lines. If you have such difficulty, keep it to yourself. But do not preach to our students and the young the futility of drawing the line," Zaid said.

He was apparently referring to Zafrul's status as an unelected minister who has managed to stay in cabinet through his position in the Dewan Negara.

Critics opposed the participation of Blackrock, a firm allegedly linked to Israel through its fully owned subsidiary Global Infrastructure Partners (GIP), in a consortium with Khazanah Nasional Bhd and Employees’ Provident Fund that will acquire all the shares in MAHB.

READ MORE: KINIGUIDE | MAHB deal: What is GIP and is it linked to Israel?

They claim that although GIP and the Abu Dhabi Investment Authority will own only 30 percent of the equity, it nevertheless allows Blackrock entry into the management and ownership of 39 airports in Malaysia.

Zafrul brushed this off and stressed that Blackrock is a listed company not owned by Israelis, while sovereign wealth funds from Abu Dhabi, Kuwait, Saudi Arabia and Qatar also have stakes in Blackrock’s shareholding.

He also highlighted that Blackrock is one of Apple’s largest shareholders.

“All of you who own Apple (products), if you really feel strongly, you shouldn’t be using them. Who is the biggest shareholder of WhatsApp? Who is the biggest shareholder of Facebook? Where do we draw the line?" Zafrul said.


Control of the world

Zaid was unimpressed with this line of defence.

"Blackrock is not another large investment company. It’s probably the most enormous wealth fund company in the world. It can buy Malaysia quite easily.

"But it has a more extensive agenda. A particular philosophy drives it. It’s to control the world as decided by Washington and London. Why do you think Ukraine (president Volodymyr) Zelenskyy publicly thanked Blackrock for all the help Ukraine has received so far?” he said.

Zaid told Zafrul that airports are strategic assets not just for commercial airlines but for military jets for take-offs and landings.

"We have 70 of them. That’s why we need leaders who can draw a line between commercial expediency and the security concerns of the country. We are not talking about laptops and iPhones here.

"Life has meanings beyond the comfort of millions and rubbing shoulders with the royalties, and for that, you need to believe and be willing to draw the line sometimes when the interest of the country is involved," he added.