Instead of galvanising Malaysians into helping the people of Palestine, the cause is being co-opted by politicians trying to score points against one another with the issue of BlackRock’s possible involvement with MAHB. – BlackRock pic, July 4, 2024
The state of the nation: navigating BlackRock – Zainul Arifin
This tournament of selective outrage does not help the Palestinian people
Zainul Arifin
4 July, 2024, 2:00 PM MYT
WITHOUT a doubt, we are horrified at what is happening in Gaza and the rest of the occupied territories of Palestine. We can only imagine the pain and the anguish of children rocked to sleep with the “lullaby” of falling bombs, and the death and destruction that follow.
As such, it is unfortunate that the fate of the Palestinians is being co-opted as a convenience for partisan politics. Instead of galvanising us into action to help them, we are trying to score political points by suggesting that some are more sensitive to the plight of the Palestinians than others.
The proposed privatisation of Malaysia Airports Holdings Bhd (MAHB) by Khazanah Nasional Bhd and the Employees Provident Fund (EPF) that will see the entry of investment behemoth BlackRock Inc has now been turned into a political football.
BlackRock plans to acquire Global Infrastructure Partners (GIP), which is proposed to have 30% (with the Abu Dhabi Investment Authority) in the privatised MAHB. Khazanah and EPF will hold the remaining 70%.
I understand if people were to object to BlackRock for its affiliation or investments that have links to Israel, or the military-industrial complex feeding the genocide, or even fast-food companies proudly sending burgers and fries to the frontlines as Palestinians were deprived of food and sustenance.
I can understand such an objection – but when it morphed into a full-throated partisan political thing, piggybacking on our anger and anguish to score points against the prime minister and his government, for instance, it suddenly cheapened the righteousness on show.
Amp up the hype machine and get the rhetoric into overdrive! We would, as former minister turned pontificator-of-all-things suggested, be complicit in the genocide in Gaza if the deal went through.
Seriously, KJ? We might be guilty of many things, but genocide?
I am as uncomfortable with the proposed entry of BlackRock into MAHB as the next guy precisely for what is happening in Gaza. Yet I believe that there surely must be a way to differentiate between BlackRock the investor and BlackRock management’s ties to Israel.
Someone suggested to me a couple of years back that BlackRock would have its hand in half of the world by the end of the decade with trillions invested the world over.
It is already on our shores investing – sans MAHB – over RM27 billion in corporate and government shares and debts.
It is here to stay, regardless of whether it will be successful with the MAHB deal or not, unless we want to wish it away. We may be doing so with the – at times strident – explosive and emotional language being used against it.
At the same time, someone suggested that we cannot compare BlackRock’s existing capital market investments in companies in Malaysia with its proposed investment in MAHB.
Why is it okay for BlackRock to be in 30 Malaysian companies but not in MAHB?
The state of the nation: navigating BlackRock – Zainul Arifin
This tournament of selective outrage does not help the Palestinian people
Zainul Arifin
4 July, 2024, 2:00 PM MYT
WITHOUT a doubt, we are horrified at what is happening in Gaza and the rest of the occupied territories of Palestine. We can only imagine the pain and the anguish of children rocked to sleep with the “lullaby” of falling bombs, and the death and destruction that follow.
As such, it is unfortunate that the fate of the Palestinians is being co-opted as a convenience for partisan politics. Instead of galvanising us into action to help them, we are trying to score political points by suggesting that some are more sensitive to the plight of the Palestinians than others.
The proposed privatisation of Malaysia Airports Holdings Bhd (MAHB) by Khazanah Nasional Bhd and the Employees Provident Fund (EPF) that will see the entry of investment behemoth BlackRock Inc has now been turned into a political football.
BlackRock plans to acquire Global Infrastructure Partners (GIP), which is proposed to have 30% (with the Abu Dhabi Investment Authority) in the privatised MAHB. Khazanah and EPF will hold the remaining 70%.
I understand if people were to object to BlackRock for its affiliation or investments that have links to Israel, or the military-industrial complex feeding the genocide, or even fast-food companies proudly sending burgers and fries to the frontlines as Palestinians were deprived of food and sustenance.
I can understand such an objection – but when it morphed into a full-throated partisan political thing, piggybacking on our anger and anguish to score points against the prime minister and his government, for instance, it suddenly cheapened the righteousness on show.
Amp up the hype machine and get the rhetoric into overdrive! We would, as former minister turned pontificator-of-all-things suggested, be complicit in the genocide in Gaza if the deal went through.
Seriously, KJ? We might be guilty of many things, but genocide?
I am as uncomfortable with the proposed entry of BlackRock into MAHB as the next guy precisely for what is happening in Gaza. Yet I believe that there surely must be a way to differentiate between BlackRock the investor and BlackRock management’s ties to Israel.
Someone suggested to me a couple of years back that BlackRock would have its hand in half of the world by the end of the decade with trillions invested the world over.
It is already on our shores investing – sans MAHB – over RM27 billion in corporate and government shares and debts.
It is here to stay, regardless of whether it will be successful with the MAHB deal or not, unless we want to wish it away. We may be doing so with the – at times strident – explosive and emotional language being used against it.
At the same time, someone suggested that we cannot compare BlackRock’s existing capital market investments in companies in Malaysia with its proposed investment in MAHB.
Why is it okay for BlackRock to be in 30 Malaysian companies but not in MAHB?
With the Palestinian cause being so close to the majority of Malaysians’ hearts, the objection is understandable, but some politicians have been using it to garner support for themselves and turn the people against the prime minister and his government. – Muharram Kasim/Scoop file pic, July 4, 2024
The quantum of its investments, or when the stakes were purchased, or if it has a say in the management of companies it invests in are convenient qualifiers in the moral gymnastics which were employed to justify one over the other.
Surely, we can’t have the cake and eat it, too.
Having said that, how do we navigate this complex and emotional issue?
For a start, I don’t think we should be casting doubts on the commitment of others to the Palestinian cause. Those are cheap shots that are the reserve of mongers and conspiracy theorists, and surely not from our honourable elected representatives.
The vast and complex universe of institutional investors like BlackRock means that they reach way beyond borders. They hold positions in companies – strategic or otherwise – with the idea of making money for their investors.
There is the incongruousness of us fretting over what is happening in Gaza and yet perhaps letting BlackRock into MAHB, but that, unfortunately, is something that we have to live within this globalised world.
There are many companies and investors offering services and products that we consume, but at the same time, they taint themselves in our eyes by leaning towards Israel. It is never easy when we start peeling the layers.
This is of course not an argument to justify BlackRock’s investment, but that is the reality.
Of course, if the deal were to be called off, BlackRock would continue investing. If not here, everywhere else. If not in MAHB, in some other entity. The fate of the Palestinians will still need to be determined, regardless.
Incidentally, the language some of us were using against BlackRock could have an impact on other investors, too.
We are an open economy and we constantly seek foreign investments and investors. While we can go without fast food or coffee, I am not sure whether we can do without foreign investments.
Rather than throwing shade at people by questioning their empathy for the cause, perhaps we should be debating and discussing what are the most substantive things we, as a nation and a society, can do for Palestine and its people.
What have we done for the displaced and the murdered lately, other than debating whether BlackRock meets our pro-Palestine eye test?
Why don’t we discuss how we can harness our anger and anguish to play a role in post-war Palestine and rebuilding the nation?
Perhaps these debates don’t score much political points. – July 4, 2024
The quantum of its investments, or when the stakes were purchased, or if it has a say in the management of companies it invests in are convenient qualifiers in the moral gymnastics which were employed to justify one over the other.
Surely, we can’t have the cake and eat it, too.
Having said that, how do we navigate this complex and emotional issue?
For a start, I don’t think we should be casting doubts on the commitment of others to the Palestinian cause. Those are cheap shots that are the reserve of mongers and conspiracy theorists, and surely not from our honourable elected representatives.
The vast and complex universe of institutional investors like BlackRock means that they reach way beyond borders. They hold positions in companies – strategic or otherwise – with the idea of making money for their investors.
There is the incongruousness of us fretting over what is happening in Gaza and yet perhaps letting BlackRock into MAHB, but that, unfortunately, is something that we have to live within this globalised world.
There are many companies and investors offering services and products that we consume, but at the same time, they taint themselves in our eyes by leaning towards Israel. It is never easy when we start peeling the layers.
This is of course not an argument to justify BlackRock’s investment, but that is the reality.
Of course, if the deal were to be called off, BlackRock would continue investing. If not here, everywhere else. If not in MAHB, in some other entity. The fate of the Palestinians will still need to be determined, regardless.
Incidentally, the language some of us were using against BlackRock could have an impact on other investors, too.
We are an open economy and we constantly seek foreign investments and investors. While we can go without fast food or coffee, I am not sure whether we can do without foreign investments.
Rather than throwing shade at people by questioning their empathy for the cause, perhaps we should be debating and discussing what are the most substantive things we, as a nation and a society, can do for Palestine and its people.
What have we done for the displaced and the murdered lately, other than debating whether BlackRock meets our pro-Palestine eye test?
Why don’t we discuss how we can harness our anger and anguish to play a role in post-war Palestine and rebuilding the nation?
Perhaps these debates don’t score much political points. – July 4, 2024
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