Selangor’s state assets amounting to RM6.3 billion, will now come under a state investment firm, Darul Ehsan Investment Group (DEIG) Sdn Bhd.

The firm, a new entity incorporated to manage investments under Menteri Besar Incorporated (MBI), is not subjected to any enactment and is not required to table its financial report to the state legislative assembly.

DEIG will have the free rein to manage the state’s RM6.3 billion assets without accountability and is the brainchild of Selangor Menteri Besar and PKR Deputy President Azmin Ali.

Azmin, informed the state assembly that DEIG’s objective was to strengthen state assets and restructure all government-linked companies under Menteri Besar Incorporated (MBI).

Meanwhile, Azmin has come under fire by ally DAP,over his “secrecy” in going ahead with the planned incorporation of DEIG,without any consultation or approval by the house.

DAP’s Damansara Utara assemblyman Yeo Bee Yin, questioned the motives of Azmin,””We are talking about RM6.3 billion state assets under DEIG, a company which is not tied to any enactment, this means they do not have to table its report to the assembly, which worries us.

“We haven’t seen, haven’t heard and are less confident with its administration and we hope there is a clear explanation on its mechanism and accountability,” Yeo told a press conference on the sidelines of the state legislature sitting.

Echoing similar concerns was DAP’s Kinrara assemblyman Ng Sze Han who said there was a need to review DEIG’s governance structure as it was only responsible to its board of directors.

BN’s Sungai Panjang assemblyman Budiman Zohdi, meanwhile, said as a registered company, DEIG could make external loans outside of the assembly’s knowledge and this was not good governance.

“When DEIG is set up under the Companies Act, it does not need to be audited by the state government and it does not have the responsibility to report to the assembly, which is different under MBI.

“More worrying is when it is set up under the Act, it can make loans which if not managed well, can affect the state government’s investment assets.”

Earlier former Selangor Menteri Besar Tan Sri Khalid Ibrahim Khalid and Azmin locked horns during the state assembly sitting over the setting up of DEIG which is not under any state enactments and does not need to table its financial statements to the assembly, although it is responsible for the state’s RM6.3 billion investment assets.

Khalid was forced out of office by Parti Keadilan Rakyat (PKR) with loads of defamation hurl at him by his former party.

Khalid, subsequently sued PKR for defamation, which resulted in PKR’s admission in defaming him by an apology at the Shah Alam High court recently.

Selangor’s state assets amounting to RM6.3 billion, will now come under a state investment firm, Darul Ehsan Investment Group (DEIG) Sdn Bhd.

The firm, a new entity incorporated to manage investments under Menteri Besar Incorporated (MBI), is not subjected to any enactment and is not required to table its financial report to the state legislative assembly.

DEIG will have the free rein to manage the state’s RM6.3 billion assets without accountability and is the brainchild of Selangor Menteri Besar and PKR Deputy President Azmin Ali.

Azmin, informed the state assembly that DEIG’s objective was to strengthen state assets and restructure all government-linked companies under Menteri Besar Incorporated (MBI).

Meanwhile, Azmin has come under fire by ally DAP,over his “secrecy” in going ahead with the planned incorporation of DEIG,without any consultation or approval by the house.

DAP’s Damansara Utara assemblyman Yeo Bee Yin, questioned the motives of Azmin,””We are talking about RM6.3 billion state assets under DEIG, a company which is not tied to any enactment, this means they do not have to table its report to the assembly, which worries us.

“We haven’t seen, haven’t heard and are less confident with its administration and we hope there is a clear explanation on its mechanism and accountability,” Yeo told a press conference on the sidelines of the state legislature sitting.

Echoing similar concerns was DAP’s Kinrara assemblyman Ng Sze Han who said there was a need to review DEIG’s governance structure as it was only responsible to its board of directors.

BN’s Sungai Panjang assemblyman Budiman Zohdi, meanwhile, said as a registered company, DEIG could make external loans outside of the assembly’s knowledge and this was not good governance.

“When DEIG is set up under the Companies Act, it does not need to be audited by the state government and it does not have the responsibility to report to the assembly, which is different under MBI.

“More worrying is when it is set up under the Act, it can make loans which if not managed well, can affect the state government’s investment assets.”

Earlier former Selangor Menteri Besar Tan Sri Khalid Ibrahim Khalid and Azmin locked horns during the state assembly sitting over the setting up of DEIG which is not under any state enactments and does not need to table its financial statements to the assembly, although it is responsible for the state’s RM6.3 billion investment assets.

Khalid was forced out of office by Parti Keadilan Rakyat (PKR) with loads of defamation hurl at him by his former party.

Khalid, subsequently sued PKR for defamation, which resulted in PKR’s admission in defaming him by an apology at the Shah Alam High court recently.