Minister of Finance Incorporated: Ownership and Control of Corporate Malaysia

In this study of Malaysia’s new political economy, Edmund Terence Gomez et al. unwrap decades of political involvement in the corporate sector, focusing on the omnipresent control of government-linked investment companies (GLICs) through a complex system of power which rests at the apex body that is Minister of Finance Incorporated.

Malaysia possesses a unique history of government–business relationships, spanning from a piece of legislation that permitted the executive to own companies since 1957. The nexus of a variety of ownership methods and directorship ties, as well as bailouts, have ultimately led to the accumulation of corporate wealth in the hands of a mere seven GLICs. A series of events that includes Mahathir Mohamad’s unprecedented move to concurrently take on the role of prime minister and minister of finance has shifted enormous corporate power to the office of the executive.

‘By focusing on GLICs, Minister of Finance Incorporated ignites new debates around the role of the government in the Malaysian economy. Through excellent academic research, novel insights are provided about the old question of ownership and control of Corporate Malaysia. Terence Gomez, and his team, further the research on government-business ties, enhancing our knowledge of GLICs by mapping out their corporate influence. This highly thought-provoking book offers timely and considered analysis of the concentration of power in the office of the Minister of Finance.’ – Elsa Lafaye de Micheaux

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In this study of Malaysia’s new political economy, Edmund Terence Gomez et al. unwrap decades of political involvement in the corporate sector, focusing on the omnipresent control of government-linked investment companies (GLICs) through a complex system of power which rests at the apex body that is Minister of Finance Incorporated.

Malaysia possesses a unique history of government–business relationships, spanning from a piece of legislation that permitted the executive to own companies since 1957. The nexus of a variety of ownership methods and directorship ties, as well as bailouts, have ultimately led to the accumulation of corporate wealth in the hands of a mere seven GLICs. A series of events that includes Mahathir Mohamad’s unprecedented move to concurrently take on the role of prime minister and minister of finance has shifted enormous corporate power to the office of the executive.

‘By focusing on GLICs, Minister of Finance Incorporated ignites new debates around the role of the government in the Malaysian economy. Through excellent academic research, novel insights are provided about the old question of ownership and control of Corporate Malaysia. Terence Gomez, and his team, further the research on government-business ties, enhancing our knowledge of GLICs by mapping out their corporate influence. This highly thought-provoking book offers timely and considered analysis of the concentration of power in the office of the Minister of Finance.’ – Elsa Lafaye de Micheaux

Publisher: SIRD

Paperback

2017

ISBN: 9789670960807