KUALA LUMPUR: The government will enact a Government-Owned Entities Bill to tighten governance of government-owned companies and statutory bodies entrusted with managing public funds and assets.
Prime Minister Datuk Seri Anwar Ibrahim said the move was aimed at preventing a recurrence of past excesses and scandals.
He said the proposed legislation was part of efforts to strengthen the Madani reform agenda as the government entered its fifth year in office.
"To strengthen governance and transparency in public financial management, all loan repayments, including education and business loans financed through operating and development allocations and channelled directly to federal statutory bodies, must be reused solely for their approved purposes and target groups.
"The government will work hand in hand with government-linked companies (GLCs) and the corporate sector to improve service delivery to the people," he said when tabling Budget 2027 in the Dewan Rakyat on Friday (Oct 9).
Anwar said the government would also enhance transparency in public procurement by disclosing project information, including contractors' names and contract values, in line with the enforcement of the Government Procurement Act from 2027.
"This is a very bold change by the government. Starting next year, all contract amounts, processes, approvals and companies involved will be disclosed to the public for their effectiveness to be assessed.
"Enforcement agencies, including the Malaysian Anti-Corruption Commission (MACC), Royal Malaysia Police (PDRM), Domestic Trade and Cost of Living Ministry (KPDN), Customs Department (JKDM) and Malaysia Competition Commission (MyCC), have also been allocated RM1.1 billion to strengthen their operational capabilities," he said.
Meanwhile, Anwar said the government was studying the establishment of a Malaysian Law Reform Commission to identify outdated laws and gaps in legislation, as well as review laws on contracts, the sale of goods and mediation to expedite dispute resolution. - Bernama
