Malaysia Airlines made fit to fly
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Turning around Proton is one of the key challenges for Malaysian prime minister Abdullah Badawi as he tries to remake Malaysia Inc |
THERE’S A NEATLY ordered timeline in the presentations that Khazanah, the investment arm of the Malaysian state, gives out to investors. It charts the progress and future of the agency’s attempts to reform the 47 government-linked companies (GLC) under its control. It’s divided into different phases with titles like "mobilization" and "generate momentum". Today it’s in the middle of a phase with a particularly strident title: "Tangible results". Is it delivering them? There is clear progress on many fronts, and most of the bigger companies look to be in better shape than they used to. There are a couple of unquestionable triumphs. But there are still challenges, most urgently a restructuring of the national car maker Proton, and there are concerns that Khazanah’s growing power is pushing more influence into the hands of the state when it should be going towards the private sector.
Khazanah had taken on a big task when its mandate was revamped three years ago, turning it from a rather passive investment vehicle into an agent for change.
