Action being taken on sick GLCs
Published on: Sunday, May 25, 2025
Published on: Sun, May 25, 2025 Text Size: Julita said not all State-linked firms are underperforming, citing several that have delivered dividends, jobs and investment opportunities. Kota Kinabalu: The Sabah Government has rolled out a series of reforms to improve governance and performance of government-linked companies (GLCs) and statutory bodies. Assistant Finance Minister Datuk Julita Majungki said the measures reflect the State's commitment to ensuring accountability and maximising the impact of its corporate entities. The reforms come amid criticism from former Sabah Law Society President Datuk Roger Chin, who alleged political interference in loss-making GLCs. Julita said not all State-linked firms are underperforming, citing several that have delivered dividends, jobs and investment opportunities. As part of ongoing improvements, the State is restructuring major GLCs like Sedco and Qhazanah Sabah Berhad, appointing new leaders to drive recovery and accountability. 'The goal is to optimise resources and focus on ventures that truly benefit Sabah's economy,' she said.
Advertisement Sabah currently oversees 27 holding companies and 22 statutory bodies in key sectors like plantations, energy and property development, supported by a network of around 250 subsidiaries. To streamline operations, the Government has introduced stricter policies, including vetting board appointments, reassessing business models and tightening financial monitoring. A major new rule requires all joint venture deals involving State-linked firms to undergo review by the State Attorney-General's Office and the Finance Ministry before Cabinet approval, a move designed to protect public interests. A dedicated GLC Monitoring Committee, co-led by top finance officials, has also been formed to identify governance gaps and recommend corrective actions for underperforming firms. Some inactive GLCs are being restructured or shut down to cut losses. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.
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