Latest news with #GLICs
New Straits Times
2 days ago
- Business
- New Straits Times
Azam: Asset declarations by GLC, GLIC CEOs a step towards transparency
PUTRAJAYA: The government's move to mandate the declaration of assets by chief executive officers (CEOs) of government-linked companies (GLCs) and government-linked investment companies (GLICs) to the Malaysian Anti-Corruption Commission (MACC) is a preventive measure aimed at enhancing accountability. MACC Chief Commissioner Tan Sri Azam Baki said that by declaring their assets, the public can see that each organisational leader does not accumulate wealth arbitrarily through their positions. "When these CEOs declare their assets to the MACC, they become more cautious in their actions because any attempt to use their positions to amass wealth can be easily detected," he said after receiving 13 asset declaration forms from the CEOs and heads of operating companies under Boustead Holdings Berhad (BHB) at his office today. The forms were submitted by BHB's Integrity and Governance Department head and executive vice-president Rosman Johar Abdullah. Meanwhile, Rosman said the submission of the asset declaration forms was in line with the government directive requiring CEOs in GLCs and GLICs to declare their assets to the MACC. He said the initiative should be supported by all parties to ensure that corruption is not only addressed but prevented before it happens. Also present were BHB's Integrity and Governance Department assistant vice-president Wan Azlee Wan Mohd Ghazali, and special officer to the MACC Chief Commissioner, Superintendent Mohd Fadzil Md Amin. Bernama reported in 2022 that CEOs of GLCs and GLICs, including members of the judiciary, were required to declare their assets to the MACC. Prime Minister Datuk Seri Ismail Sabri Yaakob was reported saying the decision was made by the Special Cabinet Committee on Anti-Corruption (JKKMAR), which also noted that the details of the new code of ethics will be retabled by the MACC in the upcoming meeting. JKKMAR also decided that the mechanism for asset declaration by members of the administration, members of the Dewan Rakyat, and members of the Dewan Negara to the MACC would be strengthened to enhance the credibility and integrity of the government administration. Amendments and enhancements to the existing code of ethics for members of the administration and members of Parliament will be implemented, and a new code of ethics will also be introduced for members of Parliament under the Houses of Parliament (Privileges and Powers) Act 1952 (Act 347), taking into account the preservation of the principle of separation of powers between the executive and legislative bodies.
Yahoo
6 days ago
- Health
- Yahoo
Two-tier healthcare or public lifeline? Unpacking the debate over Rakan KKM
KUALA LUMPUR, July 15 — The Ministry of Health's (MOH) plan to launch its 'Rakan KKM' programme has ignited a fierce public debate. On one side, detractors warn it would create a two-tiered healthcare system that favours wealthier patients using public facilities. On the other, supporters argue the programme could help alleviate the financial strain on government hospitals and clinics while retaining specialist talent. What is Rakan KKM? The programme is a paid-for service envisioned by the MOH to offer 'premium economy' healthcare, encompassing elective procedures and personalised care. According to Health Minister Datuk Seri Dr Dzulkefly Ahmad, Rakan KKM will operate within the public healthcare ecosystem but provide services evocative of yet cheaper than commercial hospitals. The ministry aims to launch Rakan KKM by the third quarter of this year at four pilot locations: Hospital Cyberjaya, Hospital Putrajaya, Hospital Sultan Idris Shah Serdang, and the National Cancer Institute (IKN). Why the controversy? Criticism primarily centres on the argument that Rakan KKM amounts to a 'backdoor privatisation' of healthcare facilities and services funded by taxpayer money. Critics argue this will create a two-tiered system, allowing those with money to 'skip the line' for access to public healthcare services and bypass the long waiting lists that currently plague government hospitals under severe cost and manpower strains. They have also homed in on the salaries offered by Rakan KKM, with many top posts advertised with five-figure pay. Detractors have used this to question the MOH's stated inability to absorb thousands of contract health workers into permanent positions. Rakan KKM has so far received an allocation of RM25 million under Budget 2025, with a second phase of funding expected to come from government-linked investment companies (GLICs). The ministry's defence: Public interest, not profit Responding to the backlash, Dzulkefly has stressed that Rakan KKM's conception is underpinned by public interest. He rejected claims of privatisation by highlighting that Rakan KKM Sdn Bhd will remain fully owned by the Ministry of Finance Incorporated, which would keep the entity aligned with government objectives. 'When a GLIC investor comes in, the GLIC may take an equity stake in Rakan KKM Sdn Bhd. Ownership of Rakan KKM remains with the government, directly or through GLICs, throughout its operations,' the minister said on the social media platform X on Sunday. He then urged the public to look at the programme's key objectives, which he outlined as: Making healthcare more affordable than fully private options. Using any profits to cross-subsidise regular public healthcare services. Providing better income opportunities for specialists to retain them in the public service. Dzulkefly argues that these goals demonstrate that Rakan KKM is rooted in public service, not profit maximisation. Recommended read:Dzulkefly explains government ownership of 'premium economy' Rakan KKM scheme amid privatisation fears
Malaysiakini
6 days ago
- Business
- Malaysiakini
Rakan KKM public or private initiative?
MP SPEAKS | Strictly, the question of whether an initiative or entity is public or private comes down to questions on ownership, control, sources of funding, distribution of profits, and purpose. Rakan KKM Sdn Bhd is 100 percent owned by the Minister of Finance Incorporated (MOF Inc). When a government-linked investment company (GLIC) investor comes in, the GLIC may take an equity stake in Rakan KKM Sdn Bhd. Ownership of Rakan KKM remains with the government, directly or through GLICs, throughout its operations. As for control, the Health Ministry is the "kementerian kawal selia" responsible for critical decisions over the management of the company. Seed funding of RM25 million from the Finance Ministry was announced in the budget. Additional scale-up funding from GLICs will be explored in Phase 2, which will be repaid through the revenues/profits of Rakan KKM operations. In all cases, sources of financing remain government or government-linked. Profit distribution is to the shareholders/owners of Rakan KKM - ie MOF Inc or GLICs. Rakan KKM's purpose As a public initiative, Rakan KKM serves five key objectives which are in the public interest: (a) In the environment of high medical price inflation, Rakan KKM provides premium economy value-based healthcare services to raise the ceiling, (b) Excess revenue from Rakan KKM will be used to cross-subsidise the services for all public patients, thus raising the floor, (c) Support the retention of ministry health workers by providing opportunities to increase their income considerably, (d) Serve as a price benchmark, including for services provided by private hospitals, to moderate medical price inflation for all, including patients who do not directly use Rakan KKM services, and (e) Provide appropriate returns for our GLIC shareholders and their members. Act 586 But why is Rakan KKM licensed under the Private Healthcare Facilities and Services Act 1998 (Act 586)? Does that make it a private initiative? The experts who drafted Act 586 had the foresight to anticipate the possibility that the government would provide health services through a corporate body. This is important to ensure a level playing field with the private sector, especially if Rakan KKM is to play a role as a price benchmark. The Act clearly states that a government corporate body should be regulated under this Act. DZULKEFLY AHMAD is Kuala Selangor MP and health minister. The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.
Malaysiakini
15-07-2025
- Business
- Malaysiakini
Rakan KKM public or private initiative?
MP SPEAKS | Strictly, the question of whether an initiative or entity is public or private comes down to questions on ownership, control, sources of funding, distribution of profits, and purpose. Rakan KKM Sdn Bhd is 100 percent owned by the Minister of Finance Incorporated (MOF Inc). When a government-linked investment company (GLIC) investor comes in, the GLIC may take an equity stake in Rakan KKM Sdn Bhd. Ownership of Rakan KKM remains with the government, directly or through GLICs, throughout its operations. As for control, the Health Ministry is the "kementerian kawal selia" responsible for critical decisions over the management of the company. Seed funding of RM25 million from the Finance Ministry was announced in the budget. Additional scale-up funding from GLICs will be explored in Phase 2, which will be repaid through the revenues/profits of Rakan KKM operations. In all cases, sources of financing remain government or government-linked. Profit distribution is to the shareholders/owners of Rakan KKM - ie MOF Inc or GLICs. Rakan KKM's purpose As a public initiative, Rakan KKM serves five key objectives which are in the public interest: (a) In the environment of high medical price inflation, Rakan KKM provides premium economy value-based healthcare services to raise the ceiling, (b) Excess revenue from Rakan KKM will be used to cross-subsidise the services for all public patients, thus raising the floor, (c) Support the retention of ministry health workers by providing opportunities to increase their income considerably, (d) Serve as a price benchmark, including for services provided by private hospitals, to moderate medical price inflation for all, including patients who do not directly use Rakan KKM services, and (e) Provide appropriate returns for our GLIC shareholders and their members. Act 586 But why is Rakan KKM licensed under the Private Healthcare Facilities and Services Act 1998 (Act 586)? Does that make it a private initiative? The experts who drafted Act 586 had the foresight to anticipate the possibility that the government would provide health services through a corporate body. This is important to ensure a level playing field with the private sector, especially if Rakan KKM is to play a role as a price benchmark. The Act clearly states that a government corporate body should be regulated under this Act. DZULKEFLY AHMAD is Kuala Selangor MP and health minister. The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.
Free Malaysia Today
14-07-2025
- Business
- Free Malaysia Today
Rakan KKM a public initiative, says health minister
Health minister Dzulkefly Ahmad said Rakan KKM will be funded by the government or GLICs, although his ministry will be responsible for deciding on matters related to the company's management. (Bernama pic) PETALING JAYA : Health minister Dzulkefly Ahmad clarified last night that Rakan KKM, a programme offering 'premium economy' services at selected public hospitals, is a public initiative. In a post on X, Dzulkefly said Rakan KKM Sdn Bhd was 100%-owned by the Minister of Finance Incorporated. He added that GLICs could take an equity stake in Rakan KKM. 'Ownership of Rakan KKM remains with the government, directly or through GLICs, throughout its operations,' Dzulkefly said, addressing concerns that the initiative was a form of privatisation. He also said that Rakan KKM would be funded by the government or GLICs, although the health ministry would be responsible for deciding on matters related to the company's management. He reiterated that apart from providing premium economy, value-based healthcare services, excess revenue from Rakan KKM would be used to cross-subsidise the services for public patients. It will also support the retention of public healthcare workers by providing opportunities to increase their incomes as well as moderate medical price inflation. Dzulkefly's clarification came a week after he was reported by Bernama as saying that the Rakan KKM initiative was not a form of privatisation, but aimed at improving access to elective procedures at public healthcare facilities. Last night, he also explained why Rakan KKM was licensed under the Private Healthcare Facilities and Services Act or Act 586. He said those responsible for drafting Act 586 had anticipated the possibility that the government would provide health services through a corporate body. 'This is important to ensure a level playing field with the private sector, especially if Rakan KKM is to play a role as a price benchmark,' he said. He said the law clearly states that government corporate bodies should be regulated under Act 586.
