Lower profits for Khazanah yet its top execs got big rewards, Kadir Jasin slams

Lower profits for Khazanah yet its top execs got big rewards, Kadir Jasin slams




FORMER Parti Pribumi Bersatu Malaysia leader A Kadir Jasin lashed out at Khazanah Nasional Bhd for rewarding its top leadership with jaw-dropping perks, despite the national investment arm reporting lower profits due to economic downturn.

“According to Khazanah’s annual report for 2020, its profits dropped to RM2.9 bil, which is lower than the RM7.4 bil recorded earlier.

“But that didn’t stop them from dishing out RM4.8 mil in remuneration and Employees Provident Fund (EPF) contribution for its executive board members. In 2019, they only got RM2.6 mil.

“Plus, its top management enjoyed RM45.3 mil in remuneration and EPF contribution, as opposed to RM25.6 mil the year before, at a time where almost 100,000 people lost their income due to the movement restrictions,” he said, in a column at Sinar Harian.

Kadir then reminisced when Malaysia got embroiled in economic crises in the 1980 and 1990s, where Cabinet members and top-ranking civil servants took hefty pay cuts, which included those in the private sector.

“I guess the civil servants and top leadership of our Government-linked companies (GLC) and Government-linked investment companies (GLICs) are just following the Government’s audacious habits.

“If our bosses behave in such a way, why not us too? This rash behaviour has become institutionalised across the board,” he lamented.

Kadir then reminded Khazanah that much of its profits came from selling its assets; amounting RM1.73 bil from the RM2.9 bil recorded.

Wake up, Zafrul!

Giving a breakdown, he said that Khazanah sold 85 million of its shares in Tenaga Nasional Bhd to get RM1 bil; with another RM734.7 mil generated from selling its shares in Telekom Malaysia Bhd.

“I’m sorry to say this but if you’re just generating profits by selling assets, even a remisier can do it. There is no need for to pay you people top dollar salary for it,” Kadir quipped.

The veteran newsman then fired a salvo on Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz for not cracking the whip on such unruly behaviour among GLC leadership.

As a former corporate giant, Kadir added, Zafrul would have the skills to overhaul GLC and GLIC’s management, which he opined, still under the “mould” created by former Finance Minister II Tan Sri Nor Mohamed Yakcop.

“And this is just Khazanah we are talking about. It’s best if we can do a thorough investigation on all GLC and GLICs and present the findings at the Parliament, like what was done on FELDA and Tabung Haji cases,” he concluded. – Jan 23, 2022.