What's all this fuss about DEIG?
Hafiz Marzukhi
August 23, 2015 10:00 MYT
August 23, 2015 10:00 MYT
Although it is still too early to dismiss DEIG as another 1MDB in the making, Azmin needs to address the concerns raised about the new Selangor investment arm for accountability and transparency's sake.
The setting up of any new 'strategic investment' company in Malaysia right now is bound set tongues wagging.
With 1Malaysia Development Berhad (1MDB) still making headlines, Malaysians now have a fresh topic to fuel their water cooler debates – the Darul Ehsan Investment Group (DEIG).
Remodeled from Menteri Besar Incorporated Selangor (MBI), DEIG has been set up as the Selangor State Government's new investment holding arm, and will be headed by the same two gentlemen who currently run MBI.
If you’re experiencing a sense of déjà vu, you are not alone.
Most of the shock value revolving around DEIG comes from the fact that Selangor's assets, worth billions, would effectively fall under the jurisdiction of this new company, controlled by two directors who are not accountable to the state assembly.
While it would be a gross generalisation to equate DEIG with 1MDB, one can't help but make the connection, considering the media spotlight being placed on the importance of government accountability and transparency.
According to its corporate website, DEIG will support the State Government's agenda on housing, education, infrastructure and healthcare, by "improving performance and asset management".
DEIG debuted with a bang during the state assembly sitting this week, marked by an explosive spat between the current Selangor Menteri Besar, Mohamed Azmin Ali and his predecessor, Tan Sri Abdul Khalid Ibrahim.
Abdul Khalid had questioned the setting up of DEIG, considering MBI already fulfilled the role that the former is supposed to play.
Mohamed Azmin countered with the fact that some of Selangor's assets are in debt, and this new investment arm, wholly owned by MBI, would help turn things around.
News of DEIG was met with a flurry of negative comments from both sides of the divide, which is odd, considering that both DAP and PAS, who seldom see eye to eye with Barisan Nasional assemblymen, also did not agree with Mohamed Azmin, who is PKR deputy president.
Among them were PAS Hulu Kelang assemblyman Saari Sungib, who called for a white paper on DEIG before it is allowed to start operations.
Questions about transparency and accountability certainly boil to surface in this matter, but it is far too early to dismiss DEIG as another 1MDB in the making.
All the facts have not yet been laid on the table and it would be premature to make any conclusion now.
So the way I see it, as far as DEIG is concerned, concerns brought up by all parties need to be addressed by Mohamed Azmin, as it is his brainchild after all.