Hamzah warns Putrajaya against 'slaughtering golden goose' with GLC, GLIC demands

Opposition leader Hamzah Zainudin questioned KWAP’s involvement in several development initiatives, which he said was inappropriate as the institution is not a bank. (Bernama pic) KUALA LUMPUR: The government must not burden the nation’s “golden geese” such as Petronas, Tenaga Nasional Bhd, and the Retirement Fund Inc (KWAP) with political decisions, says opposition leader Hamzah Zainudin.

Hamzah, the Larut MP, said these strategic institutions must be given room to perform their functions without having to execute government decisions that could jeopardise their financial standing.

He accused the government of leaving these institutions to bear the brunt of its political decisions.

“Let the nation’s ‘golden geese’ carry out their core operations,” he said during the debate on the 2027 budget in the Dewan Rakyat today.

Pointing to Petronas, Hamzah questioned the dividends paid and projected for the government, which total over RM163 billion from 2023 to 2027.

He said Petronas paid RM40 billion in 2023 and RM32 billion annually in 2024 and 2025, while dividends for 2026 and 2027 have been projected at RM27 billion and RM32 billion, respectively.

“Petronas needs large funds for its strategic investments, including phase two of the LNG Canada project, as well as developments in Suriname, Turkmenistan, and Pengerang,” he said

He also referred to the announcement of Petronas’s involvement in developing affordable housing on more than 4ha of gazetted Malay reserve land in Kuala Lumpur.

“Petronas’s job is to explore for oil and energy resources for the future. Let the decisions made by the boards of directors of our ‘golden geese’ be based on returns, not directives announced in budget speeches,” he said.

Hamzah also questioned the government’s decision to raise the electricity bill protection threshold for domestic consumers from 600kWh to 800kWh a month, saying it had caused TNB to bear RM150 million in costs.

He questioned KWAP’s involvement in several development initiatives, which he said was inappropriate as the institution was not a bank. “Its mandate is to provide safe returns for retirees,” he said.